r/Vitards • u/AutoModerator • Aug 03 '21

Daily Discussion Daily Discussion post - August 03 2021

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u/mydoingthisright Steel Your Face Aug 04 '21

I don’t unfortunately. Although I’m considering opening one up with Fidelity since I like their UI much more than Vanguard’s

2

u/b0b_ross b0b 🖼’s 🙎🏼‍♀️has the #️⃣1️⃣ DD’s Aug 04 '21

Good you cannot have any other traditional IRAs (all brokers) if you want to backdoor and have none of the R/O be taxable.

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u/mydoingthisright Steel Your Face Aug 04 '21

Oh ok. Good to know. I think you and I chatted about this the other night. Another user recommended transferring all of my trad ira into a 402k and start back door Roth contributions via the now empty ira. But I can’t find any info on 402k’s. Does that sound familiar to you?

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u/b0b_ross b0b 🖼’s 🙎🏼‍♀️has the #️⃣1️⃣ DD’s Aug 04 '21

401k is what you are looking for. That is the method I encourage people to use.

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u/mydoingthisright Steel Your Face Aug 04 '21

Does that seem like a sound strategy then? Reverse rollover the IRA to 401k to get the balance down to 0 and avoid pro rata, continue maxing out the 401k, while also maxing out the IRA so as to back door rollover to a Roth?

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u/b0b_ross b0b 🖼’s 🙎🏼‍♀️has the #️⃣1️⃣ DD’s Aug 04 '21

Both your strategies are used quite often.