I recently quit my job to devote my time to my sole proprietorship. I am rolling over my employer's 401k into my vanguard Traditional IRA, which is a brand new account with only $100 in it. I've not made any other retirement contributions this year EXCEPT for $25k in an Individual 401k.
I want to take advantage of the backdoor Roth strategy. Can I transfer the employer 401k into the Traditional IRA, then backdoor it into the Roth? (It's only $7k)
Then, can I still contribute my yearly allowed $6500 into the Traditional IRA and also backdoor THAT? Before the end of the year, to maximize my contributions for 2023?
thanks!
Submitted August 28, 2023 at 12:59AM by bobbabadubon https://ift.tt/MXveUPI
