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Backdoor Roth IRA with money in Traditional IRA
Backdoor Roth IRA with money in Traditional IRA Hi all, I would like to do a backdoor Roth IRA conversion for the first time this year. I have ~$7,000 in my traditional IRA that was put there in previous years. If I put in $7,000 this year to convert, it will invoke the pro-rata rule, with $3,500 going from my 'after tax' and invoking a tax bill on the other $3,500, correct? Is there a way to...
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