Need some help here guys! 1. I've contributed 5500 to traditional IRA this year. Do I need to do the conversion this year or is it the same if I do it next year along with next year's 5500 (convert 11000 in one go)? 2. How do I do it on the Fidelity platform? Is it just open both accounts, load 5500 post tax to traditional IRA, then transfer it to Roth IRA? I can't figure out how to do the transfer and their instruction page tells me "you do not have any eligible Fidelity IRA accounts to convert to a Roth IRA." - what is an eligible Fidelity IRA? 3. Uber people - we can't mega backdoor Roth, right? If you managed to do it, how?
1. You can do it anytime, this year or next. 2. Fund traditional IRA, open Roth IRA, transfer funds from traditional to Roth. If you can't do it online, call Fido. 3. No idea.
Thanks! Calling them would have been my next course of action
The same. Except tax time will be confusing if the contribution and conversion is in different years. Look it up. You need both accounts opened on Fidelity. There is a button and a few clicks
You can't say for certain, but if someone is asking about back door roths, then they probably can't deduct for the traditional contribution, so they'd only have a functional tax change when doing the conversion.
I couldn't find that button. Fidelity has one of the worst web UI I've ever seen in any category.
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