stephenandrew
Recycles dryer sheets
- Joined
- May 5, 2007
- Messages
- 148
I have a traditional IRA which was funded with tax deductible contributions many years ago. I stopped contributing once I was no longer able to deduct the contributions. Currently I am not elligible to contribute directly to a Roth IRA because my income exceeds the elligibility limits. This year, am I able to make a $5000 non-deuctible contribution to a traditional IRA, and the immediately convert it to a Roth IRA? If I do this, I assume that I will owe no taxes on the conversion as I will only be pulling out the $5000 I put directly into the traditional IRA. Seemed that this was a backdoor way for me to make a contribution to a Roth. Anything I am missing?
Thanks!
Thanks!