Hi Dana,
Thank you for the reply. Here is little more details if you can provide guidance. Sorry about this/
I have the following.
1) Existing 401k (contributed to the plan this year and max out my contributions $23k). Could I still move pre-taxed Traditional IRA funds to this account? Will it cause any issue or contribution cap limit or anything?
2) I also have Rollover pre-taxed (traditional) brokerage IRA account, which was used to transfer my old employer 401k funds to this account. Could I do reverse rollover to this account, move my funds from traditional IRA to this rollover IRA?
3) Let's I don't do anything. My understanding pro rata rule calculation is $7000 / $107000 = 0.065, thus $7000 x 0.065 = $457.94 can be converted using back door, the rest amount $6.542.06 would be taxed. Would this be regular income tax rate? once I pay those taxes. Do I just leave the rest of money Roth in IRA, or do have to return excess contribution or destruction?
Timeline for 2024 pre-taxed contribution and Roth conversion
--- $100k already existed in traditional IRA as 01-dec-2024
--- $7k funded on27-dec-2024 to traditional account toward 2024 contribution
---$7k Roth conversion done on 10-Jan-2025
Timeline for 2025 pre-taxed contribution and Roth conversion
--- $100k already existed in traditional IRA as 20-Jan-2025
--- $7k funded on 20-Jan-2025 to traditional account toward 2025 contribution
---$7k Roth conversion done on 30-Jan-2025
Thank You
