I have basic questions but need help. It’s true that anyone, regardless of income, can do a standard back door Roth, correct (assuming no pro rata issues)? Secondly, I will need to open an ira to do this. I have several brokerage accounts. Is there any reason I should do it with one of them (Merril most likely)? Are there any incentives/bonuses people know of right now to open with someone else?

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Yes, anyone can do a backdoor Roth unless it gets banned (there was potential for that to happen but it has not yet). Not sure about promos so maybe someone else can answer that.

I would just do it wherever you want to hold your Roth IRA. Mine is at Fidelity.

Just pointing out, since your question was already answered, that “standard back door” is an oxymoron.

The point of the Roth IRA is to help Americans save for retirement, since we have a minimal social safety net and generally no longer have pensions. The reason for the income limitation is because at that point, you don’t really “need” more help avoiding tax or saving for retirement because you make what reasonable people would consider a lot of money.

The reason it’s called “back door” is literally recognizing that it is against the spirit of why there is a limit in the first place. No judgement on using it, because it’s there, but I just find it interesting to look at the big picture.

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