Has anyone done a backdoor IRA thru fidelity? How do I start? I want to invest more towards s&p since I already have other funds in my employer 401k and ordinary Roth IRA. Sadly don’t know where to start esp since I now earn more than $120k

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Backdoor Roth is the same account as ordinary Roth. The below assumes you don’t have funds in a traditional IRA, else the tax part will be a bit more complex

Open traditional IRA
Open Roth IRA
Add bank account
Add funds for target year to traditional IRA. This should land in your cash position account (SPAXX)
Wait several days until Traditional IRA Position reads $6k as cash available to withdraw
Go to Transfer > from Traditional to Roth. If it says settled cash $0 for Traditional still, you need to wait a day or two more for funds to settle
Funds will settle in a Roth almost immediately
Invest funds from Roth SPAXX to target fund
Go to investment preferences and confirm dividends are set to reinvest (else they may go to SPAXX)
When you file taxes, ensure to note the trad we’re non-deductible and fill form 8606.

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Quick clarification. It’s transfer to start it, but when you get into the flow, hit the “convert” radio button.

I have. What is an ordinary Roth IRA? You contribute to your traditional Ira. When the funds settle you go to the Roth IRA and there is a link to convert a traditional Ira. Hit that and follow the instructions.

Ordinary Roth IRA = meant that I already have some investments max’ed to yearly limit (not from backdoor)

I’m trying to see if I can still backdoor more

So you were under the income limit for 2021 and did a Roth contribution but expect to be over the limit for 2022 and want to do the backdoor Roth for 2022? Just want to make sure I have the facts right. Also do you have any balances in a traditional IRA already?

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