In efforts to try and get my ducks in a row I did some research and couldn't find much info pertaining to what I think I should probably be doing with my savings.
Currently I have a traditional IRA with bank A (over 2 years since setting-up and depositing), and a simple IRA + Retirement Plan with bank B. Between my wife and I, we do no qualify for roth IRA contributions.
I am aware that transferring my simple IRA into a Roth (even if I qualified) would result in paying income taxes for the deposit. However, could I transfer my simple IRA to my traditional IRA, and then turn my newly combined traditional IRA into a backdoor Roth to both avoid the pro-rata rule (granted there are no other non-roth IRAs with balances) and paying any additional taxes on ultimately turning my simple IRA to a Roth?
OR... Am I simply over thinking, or even trying to over simplify something that's more complex? I'm just trying to consolidate my IRAs into a traditional so I can backdoor and try to put a little more money away for my wife and I'd financial future.
Thanks for any and all input.
Submitted April 14, 2024 at 03:42AM by BrandonBasix https://ift.tt/poAzTxq
