Long time reader, first time poster.
I am currently a fellow and realize that I have one more year of lower income left before attending salary and cannot contribute to a Roth IRA anymore. I am planning to contribute the max to Roth. I just recently learned about the Backdoor IRA. My questions are:
1.) If I contribute max to Roth IRA already this year (2017), am I allowed to contribute to an traditional IRA then do a Backdoor conversion immediately to Roth? My intuition tells me no...but I want to ask to be sure
2.) Regardless, I understand that you can contribute to IRA up to 04/15/18 for it to count for 2017, is that the same for Backdoor conversion? (e.g. contribution to traditional IRA then backdoor convert before 04/15/18 to count for 2017?
Thanks!
I am currently a fellow and realize that I have one more year of lower income left before attending salary and cannot contribute to a Roth IRA anymore. I am planning to contribute the max to Roth. I just recently learned about the Backdoor IRA. My questions are:
1.) If I contribute max to Roth IRA already this year (2017), am I allowed to contribute to an traditional IRA then do a Backdoor conversion immediately to Roth? My intuition tells me no...but I want to ask to be sure
2.) Regardless, I understand that you can contribute to IRA up to 04/15/18 for it to count for 2017, is that the same for Backdoor conversion? (e.g. contribution to traditional IRA then backdoor convert before 04/15/18 to count for 2017?
Thanks!
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