I promise that I spent some time research this ... I think I am still a little confused by backdoor roth IRA conversions.
Let's say that my income prohibits me from making Roth IRA contributions. I have brokerage accounts with Ameritrade and Vanguard. I have a 401k account from my work. My partner and I each have a Roth IRA. He also has a retirement plan with the state. We do not have any traditional IRA accounts.
To do a backdoor Roth IRA conversion, we each would open new traditional IRA accounts. Deposit $6000 in each account. Then request a backdoor conversion shortly thereafter. By doing this, we would not incur any tax penalties.
Is my understanding correct?
Submitted August 02, 2021 at 10:41PM by NetworkPoker https://ift.tt/3ylLcki
