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iclimbrocks24 OP t1_iy5z7j1 wrote

Reply to comment by Werewolfdad in Want to do Backdoor IRA but I have funds in my Trad IRA by iclimbrocks24

Thanks for your help werewolf. The amounts were contributed over 5 years ago when I was still under the limit. So after converting the initial $2500, I should not be subject to add’l taxes if I want to contribute more to my Roth via the backdoor method for the 2022 tax year?

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debbiewith2 t1_iy6aoqj wrote

Converting causes the tax bill, but then you should be able to convert the 2022 contributions essentially tax-free.

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