Does the backdoor Roth conversion not work if you have a large amount in your Traditional IRA to begin with? Does it disqualify the conversion?
Also, if your income is too high per your MAGI, does that also disqualify the IRA deduction? Just that I keep getting nowhere trying to enter my husbands $6000 with the conversion to Roth. It never brings up the choice for NON-Deductible after "Did you change your mind". or any other question. Then at the end, it says your income is too high for both of us.
This is my first time trying this for 2021 and I think it backfired, since it was done at the beginning of 2021.
Too late to reverse it. I have no previous Non-Deductible contributions for 2020 or prior years.
Since I contributed the $7000 into the Traditional, won't that still be tracked as Non-Deductible, even though it was converted to Roth?
Please advise if it can work for us or not?
Thanks,
