I think I understand the purpose and the mechanics of doing a backdoor Roth, but what I don't know is: does it function just as a one-time way to get funds from a traditional IRA into a Roth? My wife and I are doing MFS to help reduce her IBR student loan payments, and we both make above the $10,000 income limit (wtf is up with that anyway, btw?) so I'm considering doing the backdoor to get funds from my former employer 401k account into a traditional IRA and then the Roth. So the question is: if I do this, I still would be unable to contribute annually to that Roth, correct? And I would therefore need to create another traditional IRA to fund annually? Follow up question: could I convert AGAIN each year? Hope this makes sense the way I've described it. Thanks in advance!
Submitted July 28, 2017 at 11:21PM by lassiter1979 http://ift.tt/2vfUdyo
