Hi 🐠! I have money in a trad IRA acct from a 401k rollover I did end of 2020. Can I still do a backdoor Roth for a 6k contribution or can’t anymore bc I have money in my trad account?

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You can do it but it won’t be tax free. You’ll be considered to have converted a portion of your pre-existing Traditional IRA money

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Interesting. In this scenario would it make sense to do the roth then or just normal IRA? My spouse does a mega backdoor roth currently.

See if you can rollover the Ira to your new 401k. Not sure it’s possible though...

I don't think your 401k rollover counts as an IRA contribution. You should still be able to make that contribution, traditional or roth. 401k is separate regardless of rollover.

(Disclaimer that I'm not an accountant.)

Edit after reading OW1. I hope you did not intermingle 401k rollover and regular IRA funds. I was told to keep mine separate. I don't remember why.

Thanks - I haven’t commingled my 401k and regular IRA contribution (going to do a lump sum). That’s good to know to not mix them - maybe I can set up a separate IRA account and then use that for the backdoor.

I dont think it matter. When doing back door, you need to consider all your IRA $ regardless on how many IRA accounts you have

Backdoor can still be done but I think whatever amount you convert from t IRA to R IRA, they will take it evenly from your pre-tax and post-tax t IRA. Meaning if you convert 10k, 5k of it will be the backdoor conversion and the other 5k will be from the tIRA.

Google up to confirm or Google up reddit FIRE

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