I have a Roth IRA through fidelity. This is my first year I'll be over the income limit.
My question is--can I just transfer 5500 directly into the Roth IRA from my bank account? I know I physically can do this through fidelitys account, but are there any tax implications by going this way instead of the traditional Ira-->roth Ira conversion?
My question is--can I just transfer 5500 directly into the Roth IRA from my bank account? I know I physically can do this through fidelitys account, but are there any tax implications by going this way instead of the traditional Ira-->roth Ira conversion?
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