I have a traditional IRA with about $700 in it that I'm contributing to. I want to move this money to a Roth IRA at the end of the year, but I realize the traditional IRA needs to start with a $0 balance.
Was I supposed to move money directly from a savings account to the traditional IRA and then immediately into the Roth?
Or is it OK to contribute to the traditional IRA all year and move it into the Roth IRA at the end of the year?
One allows for earning throughout the year, and the other doesn't, so I'm confused as to exactly when to store money in the traditional IRA. After doing some research, I haven't found the answer.
I'm not eligible to invest in a Roth IRA directly.
Submitted March 17, 2024 at 11:59PM by GreenHotcakes https://ift.tt/9j0KH8a
