Take Advantage Of Backdoor Roth IRA Contributions Even If You Have Pretax IRAs

Having pretax funds in your IRA accounts limits your ability to perform tax-free Roth conversions. As a result, you can’t make backdoor Roth IRA contributions without incurring tax. You may have solutions to this issue. The easiest and least costly is to clear out your traditional IRA accounts by transferring the funds to your employer-sponsored plan (if the plan allows this). Second, Roth conversions should be considered based on your overall tax planning strategy.

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