Can I Do a Backdoor Roth IRA For My Wife?
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Hey guys! Looking at a 401k from a previous employer, I rolled it into a Traditional IRA. Is this worth rolling into my existing Roth? Is there a limit that you can roll into your Roth? As in $6000 yearly? Or is that a separate number? Lastly, how do I know when is the best time to roll it over? I don’t want to get shoved up into a higher tax bracket, so do I do something like, rollover X% now and X% later? Thanks in advance!
He said, "backdoor for my wife" lol
We are doing this in reverse. My wife works and I take care of the kids, so we contribute to both of our Roth IRAs.
So if my wife does not work and I make less than 200k household income, can we put 6k in my Roth and another 6k in her Roth? Thanks