@mikjon wrote:
And it all must be done before December 31 of this year correct?
1) Request Excess Refunds for both our Roth IRA accounts
2) Rollover her "Rollover IRA" to her 401K; do I close this account specifically at that point or is it auto closed?
3) Open a new Traditional IRA for each of us, fund it with 6,000 each and immediately do the Roth IRA Conversion a day or two later? I presume I would convert this into our existing Roth IRA accounts?
That is correct if your spouse is the one with the existing Traditional IRA. It must b e done this year if you want it to be a 2019 contribution.
If you open the Traditional IRA with the same financial institution that holds the existing Roth IRA's then most know abut backdoor Roth's and can usually do the contribution and conversion at the same time - there is no need to wait a "day or two".
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
