Backdoor Roth at Vanguard?

I just want to ask if anyone has done the backdoor Roth at Vanguard and has any feedback?

My understanding is:

1. Open a Traditional IRA account
2. Transfer money from bank to Vanguard
3. Transfer $5,500 into the Traditional IRA account, and put into the Money Market - NOT any of the funds
4. Wait ... HOW LONG?
5. Open Roth IRA (if not opened already)
6. Transfer $5,500 from the Traditional IRA into the Roth IRA.

Is the above correct?

• how long do I wait before transferring into the Roth?
• If there is leftover money in the Traditional IRA after interest, what do I do with it? Leave it in the Traditional IRA or transfer it into Roth IRA or transfer it into my regular investment account?

Submitted February 25, 2017 at 04:13AM by Yu_Cheddar_Beweav_It http://ift.tt/2lkxCbt