Jibberishjoeb t1_iud3512 wrote on October 30, 2022 at 12:36 PM

Reply to comment by tastethesaltinthesea in Question about backdoor Roth with large Traditional IRA by tastethesaltinthesea

Sounds like that would work and yes you can do both……. As long as you convert her whole trad Ira first, doing the backdoor roth while having a balance in the trad is a mess and not fun.

Before you do anything, crunch all the numbers just for good measure.

👍🏻

Jibberishjoeb t1_iud0ake wrote on October 30, 2022 at 12:06 PM

Reply to Question about backdoor Roth with large Traditional IRA by tastethesaltinthesea

Yours should be able to go to the 401. If you made any contributions directly to it after the initial rollover you’d have to keep that money out of the 401 bc it’s not “qualified” ( if I’m not mistaken)

Another thing to look into is the mega backdoor roth. See if your company has a true after tax account, should be able to put in 10k per year, and then roll that out once a year into your Roth IRA so earnings can grow tax free 👍🏻

Jibberishjoeb t1_iu9en1y wrote on October 29, 2022 at 4:11 PM

Reply to What to do with my self “managed” Roth IRA. by gkeshk

You can’t combine that IRA with your employer plan. The alternative to your current strategy could be to dollar cost average into something. If I’m you I’d probably look at an index fund. Other than that keep chugging away.