Just making an example: I am not familiar with IRA(just opened traditional IRA account a few months ago). if my income exceeds certain limit and I am not able to contribute to Roth IRA directly. As I know, traditional IRA contribution does not require income limit, so I am still able to make contribution to traditional IRA. However, I am covered by employer retirement plan, and my contribution to traditional IRA is not deductible (based on 2020 tax return). This is the only contribution to traditional IRA, and all traditional IRA is after-tax money.
If I want to move some money from traditional IRA to Roth IRA, I guess that is so called backdoor Roth IRA, correct? Now how should I do that? Since traditional IRA is already after-tax money, do I need to pay tax when moving the money?
After money being moved to Roth IRA, it is be tax free for withdrawal in the future, correct?
Another question: If I leave job one day (without job temporarily), during the career break, can I also move my roth contribution from employer retirement plan (government employee retirement plan, very similar to 401k, it is just called differently, so you may consider it as 401k for this question) to Roth IRA? I do make roth contribution to employer retirement plan, and employer matches with traditional contribution.
Thanks.
