I've heard you can try to roll your traditional IRA into a work sponsored 401k, etc.
Could you also just backdoor the traditional IRA money (and subsequently pay taxes on this amount) in order to "rid yourself" of the traditional IRA in order to clear the way for future year's of easy backdoor conversions?
My wife has ~$17,000 in traditional funds. We will be doing annual backdoor conversions, so we need to figure out how to do this. Since it's not too much, we could just do conversion on the $17,000 and pay the tax bill now?
Am I missing something? I guess most people don't see this as an option since they may have a TON more in Traditional?
Could you also just backdoor the traditional IRA money (and subsequently pay taxes on this amount) in order to "rid yourself" of the traditional IRA in order to clear the way for future year's of easy backdoor conversions?
My wife has ~$17,000 in traditional funds. We will be doing annual backdoor conversions, so we need to figure out how to do this. Since it's not too much, we could just do conversion on the $17,000 and pay the tax bill now?
Am I missing something? I guess most people don't see this as an option since they may have a TON more in Traditional?
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