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Retirement tax questions
@fanfare wrote:
Backdoor Roth conversion does not work when you already have a Traditional IRA with a non-zero balance.
As I said, the taxpayer would have to convert the entire traditional IRA balance, which will create a taxable event. Whether this is a good idea for this particular taxpayer depends on their age, income, and size of the IRA.
‎November 8, 2021
11:55 AM