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Making a Backdoor Roth IRA conversion + consolidating 2 Roth IRAs - can I do this in the same year?
Hello - I am considering doing a backdoor roth IRA conversion this year (contribute and convert 2022 funds) in at Custodian 1. This custodian already contains a Trad IRA account. I would be opening a new Roth IRA account at Custodian 1.
However, I also have an established Roth IRA account at Custodian 2.
Let's say in the future I wish to combine the Roth IRA amounts in custodian 1 AND custodian 2. Can I effectively do a backdoor Roth + Roth IRA consolidation in the same year? And how would I document this in TurboTax?
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‎January 17, 2022
8:51 PM