I am relatively new to investing (just finished reading the WCI book) and was excited about doing the about back door roth contributions for both 2016 and 2017. however just realized that I have a pre tax IRA OF $1500 from my training . we are confused on what to do with it. Will I be able to roll it over to my current 401 K ? Or can I roll it over to Roth IRA and pay tax if needed ? If thats the case will I still need to pay taxes on it for 2016, since the actual conversion is happening in 2017 (for the 2016 contribution). Will I be still able to contribute for 2016 and 2017 ?
I talked with a financial advisor and a CPA and both had no idea on how to handle this.
I talked with a financial advisor and a CPA and both had no idea on how to handle this.
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