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How do I complete a backdoor Roth annual contribution?

Backdoor contributions allow you to contribute to a bitcoin Roth IRA even if your income exceeds the IRS income ceiling.

Each year, individuals can make a contribution up to the current IRA annual contribution limit to a Roth IRA. Eligibility to contribute to a Roth IRA is determined by the IRS-stated threshold for individuals. If your income exceeds this threshold, you must fund a Traditional IRA first and then convert it to Roth tax status. Note that if you have existing Traditional IRA balances that are unconverted to Roth, a backdoor Roth contribution may create tax consequences. Please consult your tax advisor.

What you’ll need:

Note: Fortis Bank will charge a $100 banking service fee for the conversion.  

To make a backdoor Roth contribution:

  1. Sign in to your Unchained account and navigate to your Roth IRA dashboard.
  2. Select IRA cash balance and click FUND.

  3. Select Annual Contribution and Continue.

  4. Select Roth Account Type and Yes for backdoor Roth contributions.

  5. Submit Form.

  6. Our IRA team will receive your responses and send you a funding form via DocuSign, typically within 1 business day.

    1. Depending on your personal email settings, you may need to check your spam folders for the DocuSign form.

  7. Sign and return the DocuSign.

  8. Send your funds to Fortis Bank via ACH, wire transfer or paper check.

  9. Fortis Bank will perform the Roth IRA conversion upon receiving your funds.
    1. The USD will flow through your Traditional IRA before the conversion to your Roth IRA account cash balance.

  10. Once the funds arrive in your account, you can purchase bitcoin. 

  Fortis Bank’s ACH & Wire instructions:

Beneficiary Bank Name

Beneficiary Bank Address

Beneficiary Bank Routing/ABA #

To Credit Account

Memo/reference

Fortis Bank

6975 Union Park Avenue, Suite 180, Midvale, UT 84047

1070-0642-8

1010054284

Your IRA account number (Required)

Caution: Fortis Bank will return your ACH transfer if your IRA account number is missing or incorrect. Please verify your information before submitting the transfer.

No contents of this article may be relied upon as tax, legal, or financial advice, as they have not been tailored to you and have not been reviewed by any attorney, financial advisor, or tax professional. For any questions related to your own specific situation, please consult with your own attorney, tax professional, and/or licensed financial advisor.