First time backdoor Roth Question
This year will be my first full year working (graduated last May) and also the first time that I think I will need to do a backdoor Roth. My gross income will be $117k, and with only student loan interest as a deduction, I still believe I will be over the 2014 MAGI limit (I'm still a bit confused as to how you arrive at this value?) Anyways, I opened and maxed a Roth IRA this past year with Vanguard. My question is, can I start a traditional IRA, fully fund it, then sell those funds in order to purchase the same funds in my current roth (i.e. exchange)? Or will I end up creating another Roth account with this conversion? I'd prefer to keep as few accounts as possible for simplicities sake. Also will I be able to do this process online, or will I need to call to make the conversion?
Thanks in advance.