I am not able to contribute to Roth IRA because of the income limitations. I have read about Backdoor IRA but I am not 100% sure how it would work in my situation. I am confused if it matters that there is already money in Traditional IRA which was contributed before-taxes.
I have a Traditional IRA (converted from previous employer 401k ) that has money in it from past (pre-tax). I have Roth IRA that also has money from 2018 (it was after-tax money).
Can I put 5K cash in Traditional IRA (after-tax money) and can I simply move that 5K cash from Traditional IRA to Roth IRA without paying any penalty & taxes? Is this backdoor IRA?