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Get your taxes done using TurboTax
@praasppn wrote:
In the above requirements for the procedure to work, in first 1) - did you mean "no pre-tax traditional IRA account can exist" ?
No. You can always convert a Traditional IRA to a Roth but if the IRA has existed for any length of time then it will probably have some earnings and the earnings would be taxable so it would not be a *pure* backdoor Roth since it would be partly taxable.
The real killer of a backdoor Roth is having another rollover IRA from a 401(k).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎December 18, 2020
6:59 PM