Hi,
I am 40 years old and above the income limit for traditional ira. I contributed a total of 16k over last few years to traditional (including 6k in 2022 which I did on 4/15/23).my basis is close to 15k and all the money is post tax. I want to do a backdoor conversion to roth. Can I do all the money in one go or limited to only doing the 6k which I transferred this year
Considering I dont have much gains will i need to pay taxes on this conversion?
Thx
Expert Reviewed
A back door Roth IRA conversion is a special kind of IRA rollover. There is no dollar limit to a rollover, rollovers are not contributions and are not governed by the same rules. You may rollover the entire IRA balance to a Roth IRA if you choose.
If your current balance is $16,000 and your nondeductible basis is $15,000, only the $1000 difference will be taxable.
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