I have a 401k (Roth) and a Roth IRA. I make too much to contribute to the Roth IRA. Should I start looking at backdoor conversion into Roth? Anyone do this?

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Yes, you can execute a backdoor IRA conversion into a Roth IRA. Open a new IRA so you have 0 basis, then contribute up to the annual Roth IRA limit with after-tax dollars. Then roll it into your Roth IRA as the “conversion”. The key is to ensure you have no basis in the IRA when converting to avoid a taxable event.

There may be other pertinent details, which I trust to be added below as people see fit.

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