[Jeremy]

I will take an important step, and I need expertise.

[Cody]

It’s easy to do without a financial advisor. Just make sure you report it correctly on tax Form 8606 so you don’t accidentally pay tax twice on the same funds.

[Aletta]

As a financial advisor, it is literally much easier to do a backdoor Roth IRA as a retail investor than as an advisor.

All You have to do is deposit it in a traditional IRA and a few days later, transfer to a Roth IRA. You should be able to do this on a website/phone app. (Whereas advisors usually need to complete a form or a phone call and can’t just do it online.)

[Ron]

I’m sure you’ve probably contributed before and the extra step, the conversion, takes a minute or two with Vanguard. Buy the website doesn’t know if you meet all of the conditions. Only you or your advisor knows that.

The main risk to conversion when I do them is I accidentally add a zero and convert $60k instead of $6k. But when you do a backdoor, the post tax money you contributed should be the only money you have in the tIRA. So there would be no way to make the extra zero mistake.

[Author]

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