Im not eligible for Roth IRA because my MAGI is too high. My original plan was to request a “return of contribution” from Fidelity because I don’t want to contribute to my traditional IRA if there’s no tax benefits but they said that I will pay taxes on the capital gains if I do that so I was thinking why not do a backdoor Roth IRA and pay taxes on the capital gains now from the traditional IRA account then pay no tax once I convert my traditional IRA to Roth IRA.
Does it make sense?
