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401k Backdoor Roth conversion and pro rata rule
Hi There,
- I would like to rollover my old employer pre-tax 401k to a rollover IRA.
- Is there something called rollover IRA Vs a traditional IRA or are all these the same things?
- I contribute pre-tax max to my current 401k.
- I contribute additional after-tax contributions to my current 401k and immediately convert them to Roth 401k.
- If I do step 1. above and leave the funds in the rollover traditional IRA (pre-tax money from previous employer's 401k funds are in this IRA account), will pro-rata rule affect my contributions in step 3 Roth conversion?
Thanks!
‎April 3, 2024
2:10 PM