Some kinda basic (maybe dumb) questions on Back door.
I’m over the AGI limit for normal Roth and i have a 401k at work, so i was looking at doing the non-deductible contribution to a traditional IRA and then back door it to a Roth.
I have an old Roth account (very small balance from way back when that i put some money in, but kinda forgot about it for awhile) in Schwab (was TDA that got moved).
I don’t have a traditional IRA at this time.
So i think the easiest would be to just create a new Traditional IRA at Schwab, fund with post tax/not deductible funds and then immediately roll it into my existing Roth (i know i need to file the 8606 form).
When i do the conversion, would that effectively close the Traditional IRA i just created and do i just repeat the same process again next year? I can just keep rolling it all into the same Roth account right?
I’m over the AGI limit for normal Roth and i have a 401k at work, so i was looking at doing the non-deductible contribution to a traditional IRA and then back door it to a Roth.
I have an old Roth account (very small balance from way back when that i put some money in, but kinda forgot about it for awhile) in Schwab (was TDA that got moved).
I don’t have a traditional IRA at this time.
So i think the easiest would be to just create a new Traditional IRA at Schwab, fund with post tax/not deductible funds and then immediately roll it into my existing Roth (i know i need to file the 8606 form).
When i do the conversion, would that effectively close the Traditional IRA i just created and do i just repeat the same process again next year? I can just keep rolling it all into the same Roth account right?
Statistics: Posted by BoilerBear — Sat Mar 16, 2024 8:46 am — Replies 4 — Views 77
