Correct. Pro rata rules apply.
I never implied everyone should do the conversion or that it made sense for all only that it was possible.
Do your homework or consult with a tax professional to see if it makes sense for your situation.
Quote:
Originally Posted by Marc40a
Word of caution: The backdoor Roth contribution method isn’t as simple as it seems.
If you have existing pre-tax IRA funds (even across multiple accounts) they’re figured into the conversion ratio. That can make a portion, if not all of your $5500 conversion a taxable event.
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