We are in the high AGI bracket.
Typical examples of backdoor roth ira show that you first contribute to IRA and then convert IRA account to roth IRA account (I think).
We have brokerage at Vanguard and also a roth ira at Vanguard. We do have an IRA at vanguard but zero balance. Can we just go through the 2 step process of transferring money from brokerage to ira to roth ira. Or do we have to establish a new IRA account and then convert that IRA account into a ROTH IRA account.
Thank you
Typical examples of backdoor roth ira show that you first contribute to IRA and then convert IRA account to roth IRA account (I think).
We have brokerage at Vanguard and also a roth ira at Vanguard. We do have an IRA at vanguard but zero balance. Can we just go through the 2 step process of transferring money from brokerage to ira to roth ira. Or do we have to establish a new IRA account and then convert that IRA account into a ROTH IRA account.
Thank you
Statistics: Posted by rm — Sun Jan 07, 2024 11:57 am — Replies 15 — Views 508