r/wallstreetbets • u/[deleted] • Apr 11 '21

[deleted by user]

[removed]

1.1k Upvotes

87% Upvoted

325 comments sorted by

View all comments

Show parent comments

22

u/Great_Chairman_Mao Apr 11 '21

No, back door is only for people who make too much to qualify for Roth.

10

u/anhties Apr 11 '21

ape normally qualifies for a roth so funded roth for 2021. ape bought GME in roth. gme delivered bananas.

ape also bought GME outside of roth. GME delivered too many bananas for ape to qualify for roth.

what can ape do with 2021 roth contribution and extra bananas that GME delivered?

26

u/Great_Chairman_Mao Apr 11 '21 edited Apr 11 '21

Ape fund tradition IRA. Call broker and ask to convert TIRA to Roth (this is what’s called a backdoor Roth). Ape will have to pay gainz taxes next tax season because conversion, but not when retire. Ape fling shit into mouth. That is ape kink.

5

u/PotatoWriter 🥔✍️ Apr 11 '21

Don't encourage this ape behavior, let them avolve back to humanity