I need to do a backdoor Roth IRA - A question I have is do I need to do the full $6000 contribution limit up front, or can I do a portion, convert it, and then continue to contribute throughout the year?

Also once it is converted can I contribute to that same account in future years?

Thanks!

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Conversions to Roth are not limited in either number or amount.

Its the yearly contributions to an IRA (in this case the Trad from which you convert) that are limited in amount.

So yes, you can do what you plan. Just make sure that (a) your contributions don't exceed 6K, and (b) you do the conversions quickly after the Trad contributions (to avoid tax on gains)

And yes, reuse the same accounts each year

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Call fidelity or whoever you have your accounts with.

I funded 5k first, let it sit for a month, and then funded the next 1000 about a month later, and then converted.

Just as long as you don’t have any activity besides sitting cash, you should not pay taxes on it. One disclaimer with that is you will earn interest on your cash just with the money markets which is taxable. If that interest earned is <$10 however, it does not get reported to the IRS

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Even if you have it in growing assets, not just cash it's not that big of a deal. I'd rather have gains I have to pay taxes on than not have any gains at all 🙂. I know we all try to avoid taxes but don't avoid them to a fault.

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We contribute to an IRA account using post tax money?? And then move it to Roth IRA account?

Thanks G1! My first time contributing to an IRA and adding post tax money seems a little sad :/

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