02-01-2022, 04:37 AM
First time back door Roth IRA conversion question.
<!-- SC_OFF --><div class="md"><p>This year will be the first year I can no long put into a Roth IRA due to income limit being reached. My question is can I put $500/month into a Traditional IRA that us not invested in anything and the convert the $6000 at the end of the year without issue or should I just do it all at once at the end of the year? I also read I shouldn't take any tax advantages of the Traditional to avoid anny addituonal taxes.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Foxhound34"> /u/Foxhound34 </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/sh0y7f/first_time_back_door_roth_ira_conversion_question/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/sh0y7f/first_time_back_door_roth_ira_conversion_question/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>This year will be the first year I can no long put into a Roth IRA due to income limit being reached. My question is can I put $500/month into a Traditional IRA that us not invested in anything and the convert the $6000 at the end of the year without issue or should I just do it all at once at the end of the year? I also read I shouldn't take any tax advantages of the Traditional to avoid anny addituonal taxes.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Foxhound34"> /u/Foxhound34 </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/sh0y7f/first_time_back_door_roth_ira_conversion_question/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/sh0y7f/first_time_back_door_roth_ira_conversion_question/">[comments]</a></span>Kind Regards R