Mr_Evil_Dr_Porkchop t1_ja6cy2g wrote on February 27, 2023 at 4:13 AM

Backdoor Roth conversion. Contribute $6500 to your traditional IRA. Once the funds clear, convert to your Roth IRA and that’s it. No income limitations and you bypass the restrictions of contributing to your Roth directly

arbus2021 t1_ja6honf wrote on February 27, 2023 at 4:57 AM

Entire account needs to be converted or just the investments within traditional can be moved ? Is there a brokerage limitation for this conversion ?

Nagisan t1_ja6in71 wrote on February 27, 2023 at 5:07 AM

You don't need to convert the entire account, however, you can't convert only after-tax dollars. When you convert Traditional IRA to Roth IRA, it's pro-rata - which means conversions are proportional to the pre vs post tax dollars. If 10% of your tIRA is post-tax and 90% is pre-tax, any conversion you do will be taxable on 90% of the conversion.

arbus2021 t1_ja6jf8o wrote on February 27, 2023 at 5:15 AM

Appreciate the response.will do some digging