- Start with a funded Traditional IRA.
- Work with Axos Invest to complete paperwork to convert the Traditional IRA to Roth IRA.
- Pay income taxes on the amount of assets in converted IRA – keep in mind that Traditional IRA contributions are "pre-tax", so when you convert to a Roth IRA, which is funded with "post-tax" dollars, you will owe income tax on the amount of converted assets. More info here.
- Talk to your tax preparer/advisor to make sure you understand exactly how much of a tax bill you will get for converting your Traditional IRA assets to Roth IRA assets!
Axos Invest is not a tax advisor and this should not be construed as tax advice. Please consult your tax advisor before making any tax-related decisions.