Backdoor ROTH IRA conversion?

[fenders53]

(02-17-2021, 07:41 AM)ken-do-nim Wrote: Have any of you ever done it?

I'll be opening up an IRA account soon and putting post-tax dollars into it, so that I can then move the funds into my ROTH IRA.  Seems super weird that you can just override the income limits by moving the money first into another account.  How long did you let the funds sit in the regular IRA before moving them to the ROTH?

What are you over-riding?  The regular IRA contribution limit, or the Roth.  If the Roth, you've already paid the taxes so not sure why they would care?  I haven;t invested new money in my IRAs for years. There is a separate limit for ROTH and Traditional?

Chad is our forum tax expert.  Shoot him a PM if he misses this.