First time backdoor conversion double checking

[Jarpee]

I currently have money in a SEP IRA, I'm getting a solo 401k set up with fidelity to roll it over before Dec 31. However this will take some time to do paperwork and all that to get the 401k set up and we are going out of the country in a week. In the meantime can I go ahead and contribute 11k to traditional IRA, roll it over and invest it as long as I do the SEP conversion before Dec 31? I just want the 11k working as soon as possible. I believe the scenario above will work to avoid the pro rata tax but just wanted to make sure.

Thanks

[DMFA]

Only if you mean $11K as $5500 in two separate accounts with separate names on them. You and your spouse's IRAs (all accounts, really) are figured separately.

You also can't do two years at the same time now, like you could before tax day for both prior and current year.

The Roth conversion is not a "rollover." It's a conversion. They have very different implications; conversions are most often taxed (although not in backdoor) and rollovers are pretax to pretax.

Yes, you can still do your non-deductible contribution of $5,500 into each person's traditional IRA and convert it to Roth now. As long as your pretax IRAs total $0 at the end of 2017, and your converted amount equals the non-deducted contribution amount, you'll owe no tax.

[jfoxcpacfp]

Yes, as @DMFA said, you will be fine. You might find my post, Explaining Backdoor Roth IRAs, helpful.

I would also add a cautionary note that doing anything "as soon as possible" when investing tends to work against you. A few days or even weeks won't make a difference in the long run, which is the only period of time you should consider when investing.

[Jarpee]

Yes I meant two separate accounts with 5500 each.

Ok will ensure my pre tax SEP IRA has 0 balance on December 31.