{ "media_type": "text", "post_content": "Backdoor Roth ira question: i am above the income limit to contribute in roth ira. In order to do backdoor roth IRA, i transfer money from my checking account to traditional ira and later transfer from traditional to roth ira. My understanding is since money was already taxed(checking account), it will not be taxed when transferred from traditional to roth ira and neither i need to pay tax on it at withdrawal once eligible. Please confirm", "post_id": "60524b9d3cbe89002fd0975e", "reply_count": 4, "vote_count": 4, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Backdoor Roth ira question: i am above the income limit to contribute in roth ira. In order to do backdoor roth IRA, i transfer money from my checking account to traditional ira and later transfer from traditional to roth ira. My understanding is since money was already taxed(checking account), it will not be taxed when transferred from traditional to roth ira and neither i need to pay tax on it at withdrawal once eligible. Please confirm

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Correct, but make sure you don't have a balance in your traditional IRA, otherwise you might have to look into the pro rata rule

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The Google is your friend

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confimed

Confirmed. In addition to D1’s comment, there’s an important language difference: you want to “convert,” not transfer (nor restate, etc.). This may be hidden under a “transfer” link (i.e., fidelity), but is an important distinction.

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