Hello!
I have been reading about backdoor roth, but am still a bit confused. Currently, I have a traditional IRA in Vanguard with about $35k in it. I made over the contribution limit for roth IRA. I have read that I cannot have a tradition IRA if I want to backdoor roth.
- Is it true you cant have a traditional IRA to do backdoor Roth?
- If it is true how do I get rid of my traditional IRA?
After, I get rid of my traditional IRA, is the following the current steps to do a backdoor roth?
- Open a Traditional IRA account
- Transfer money from bank to Vanguard
- Transfer $5,500 into the Traditional IRA account, and put into the Money Market
- Wait until money settles
- Open Roth IRA
- Transfer $5,500 from the Traditional IRA into the Roth IRA.
Submitted March 16, 2019 at 10:38AM by xfallen https://ift.tt/2TasGG3
