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What is the benefit of doing a backdoor conversion of my traditional IRA into a roth IRA? I have an existing roth ira that I cannot contribute to anymore
What is the benefit of doing a backdoor conversion of my traditional IRA into a roth IRA? I have an existing roth ira that I cannot contribute to anymore I became ineligible to contribute to a roth IRA this year so had to open a traditional ira. Is it worth doing a backdoor conversion to a roth ira? Of note, my company offers a 401k that i max out, as such I believe i have to make non-deductible contributions to my traditional ira?
submitted by /u/essentialclt
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