I currently do not have any type of IRA account (just a Roth 401k from my employer). My income is too high to directly contribute to a Roth IRA or to deduct contributions to a traditional IRA. So, I am considering doing a backdoor Roth.
I found the article from TurboTax about how to properly enter this on my tax return, but I was wondering a couple of things...
1) Are there any significant issues or risks I need to watch out for?
2) Can I contribute and to the Roth conversion in December for the 2024 tax year and then do another contribution and conversion in January for the 2025 tax year? That way I can get more money in to take advantage of growth opportunities or is there some time frame I have to wait between the two conversions?
