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?
Does a conversion limit the amount I could contribute to a backdoor IRA? Or does the $2500 get converted and then I can contribute the difference for $3500 for up to 6k in total.
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?