So this is interesting and thank you for the information. Basically, we have about $14,000 rolled over deductible pretax from a previous employer into traditional IRA. We have been putting in $5000 for year 2021 into the SAME traditional IRA and converted this SAME after-tax dollars into a Roth. Based on the information you provided, we actually are NOT allowed to do this backdoor roth bc we have an existing amount of $14,000 pre-tax dollars? Will we then be taxed on the $5000 we converted?
We were told we could do this by our financial institution. If this is true that we could not do this, Going forward how can my wife do a backdoor conversion if she has existing money in her traditional IRA?
Thank you!
