No , I had 25 GBTC, none I have it now.
Talk not like me please.
Are you going to buy it again?
No ! I will never buy that GBTC or Bitcoin in future.
Bitcoin is speculate stone created by 0s and 1s. It will not any meaning after 2020.
NFLX also offers this. My neighbor is using Megabackdoor Roth to fund his kids education instead of 529. Reason being - roth funds can also be used for retirement if kid gets scholarship or decides not to go to school and doesn’t count towards FAFSA.
I found this really useful article on backdoor Roth IRA so sharing
Before considering a “backdoor” Roth IRA strategy, there are a number of important items to consider. The first is the concept of the IRA pro rata aggregation rules. Under Internal Revenue Code Section 408(d)(2), the aggregation rules hold that when an individual has multiple pre-tax IRAs, they will all be treated as one account when determining the tax consequences of any distributions (including a distribution out of the account for a Roth conversion). In other words, the aggregation rules can cause issues for individuals looking to take advantage of the ‘backdoor’ Roth IRA strategy that have multiple IRA accounts.
For example, Amy has $100,000 of existing pre-tax IRA assets across multiple IRA accounts. Amy now makes over $200,000 so is not eligible to make a Roth IRA contribution for this year. Amy wishes to make a $5,500 Roth IRA contribution by taking advantage of the ‘backdoor’ Roth IRA strategy, which involves making a non-deductible IRA contribution and then converting those funds into a Roth IRA. However, since Amy has $100,000 of pre-tax IRA funds prior to the Roth IRA conversion, the aggregation rules will limit how much Amy can convert to a Roth IRA.
If Amy attempted to do a $5,500 Roth conversion (from combined IRA funds that now total $100,000 plus new $5,500 contribution equals $105,500), the return-of-after-tax portion will be only $5,500 / 105,500 = 5.2%. Which means the net result of his $5,500 Roth conversion will be $286 of after-tax funds that are converted, $5,214 of the conversion will be taxable, and she will end out with a $5,500 Roth IRA and $100,000 of pre-tax IRAs that still have $5,214 of related after-tax contributions. Hence, the net result of the IRA pro rata attribution rules is that a large portion of the after-tax funds linked with the new after-tax IRA contribution will not end up in the Roth IRA and will instead be connected with the existing pre-tax IRA funds.
Based on the example, the IRA attribution rules significantly limited the tax benefit of the ‘backdoor” Roth strategy for Amy as only a very small amount of the $5,500 after-tax funds were able to be converted tax-free to the Roth IRA. In addition, the IRA attribution rules only apply to pre-tax IRAs of the taxpayer, not his or her spouse, inherited IRAs, or any employer retirement plans (i.e. 401(k)), which can offer some interesting tax planning opportunities.
In addition to being mindful of the IRA attribution rules when considering a ‘backdoor’ Roth IRA conversion, one must also consider the step-transaction-doctrine. The step-transaction doctrine, which arose from a Supreme Court case, holds that a court can invalidate a transaction if the separate steps involved in the transaction have no independent substantial business purpose. In the context of the ‘backdoor’ Roth IRA strategy, the thinking goes that if the separate steps of the non-deductible IRA contribution and subsequent Roth conversion are done too quickly or simultaneously there is some risk the IRS could attempt to invoke the step-transaction doctrine in order to invalidate the Roth conversion.
There is no court precedent for this position, but many tax experts believe it would be wise to wait some time in between the nondeductible IRA contribution and the subsequent Roth conversion. There is also no firm rule for how long one should wait after the nondeductible contribution is made before making the Roth IRA conversion, but waiting a few months and having the IRA funds invested during the waiting period is thought to be sufficient.
I completed 2017 and 2018 backdoor Roth successfully for us, and tax filed with whatever documentation required.
did you know about mega backdoor (and have supporting plan?) as part of 401k?
Yes, I am aware of Mega Backdoor, my 401k supports such plan (after tax 401k), maximizing last 3 years after tax 401k towards Mega Backdoor Roth After 60s.
Apart from employer offered mega backdoor Roth (Google, Netflix), is there any other way to do mega backdoor roth if your employer doesn’t offer it?
AFAIK, it is after tax 401k, but I do not know if there is some way.
self employed people can do some of that, i think. Do you have a side business?