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Is it risky to contribute more to my IRA to cover conversion tax costs?
Is it risky to contribute more to my IRA to cover conversion tax costs? i maxed out on roth ira contributions for 2024 (7k) i have around 4k in a traditional ira that i contributed to back in 2020 but next year i will enter a new tax bracket, and i will be unable to contribute to a roth ira I have decided to move my traditional ira money into my roth ira via a conversion so i can do backdoor iras starting next year...
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