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?
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comments
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.