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Updated almost 9 years ago on . Most recent reply
Backdoor Roth IRA Question - Can any CPA help answer?
As you probably know, the backdoor Roth IRA conversion is typically done for people that have reached over the income limits in order to be eligible for Roth IRA contributions. However, does anyone know what would happen if I go ahead contribute to my traditional IRA and quickly convert it into my Roth IRA with the expectation that my income would reach over the income limits but it didn't happen at end of 2016? What impact would it give? I mean, if my income hasn't reached over income limits for Roth IRA contribution for 2016, I would have just made direct contributions in my Roth IRA instead of doing the backdoor Roth IRA conversion.
Let me know if you know or if you know someone that can answer, that would be greatly appreciated!