Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Trying to reach support? Call 1-844-333-1909
Trying to reach support? Call 1-844-333-1909
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Intuit Tax Advisor
- :
- Intuit Tax Advisor Discussions
- :
- Backdoor Roth calculation
Backdoor Roth calculation
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Surfgolf
Level 2
07-06-2022
10:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am trying to compute a backdoor Roth strategy with decreased value stock held in an IRA. I'm not finding the ability to show the increase in tax due to the conversion, with the potential savings.
Labels
1 Comment 1
qbteachmt
Level 15
07-06-2022
12:25 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The way you stated this is a bit strange.
Let's review that a "backdoor Roth" is the combination of a nondeductible IRA contribution immediately converted to Roth. So, there never is any time for earnings, and there is no Tax owed on that type of conversion. And it only works like this because there also is no pre-tax contribution or untaxed earnings in a Trad IRA (or account of similar type) that would trigger pro rata taxes on the conversion amount.
Is that not what you are considering?
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
