Can You Do a Backdoor Roth IRA If You Have a Rollover IRA?
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is it easy rolling over a Rollover IRA into a 401k? anything i would need to be aware of?
The solution is simple, at least with Schwab it is. I created a new traditional IRA, put the 6k in there then did the transfer to my Roth IRA. My rollover is untouched
Another option would be to do a straight traditional IRA->Roth IRA conversion, and use the 6k you would be investing to pay the taxes. (ie, do a 20-30k conversion, depending on your tax bracket, and then pay an additional 6k in taxes that year.)
Could you guys do a video explaining the difference between a provisional IRA and a real IRA?
This is why I always roll over 401k to 401k! Asset protection is also generally better in 401ks.
Love it! A little prorata rule knowledge on a Sunday morning. Better than pancakes for me!!! Thanks The Money Guy Show!