Please be kind I’m a noob but really want to get into the game.

I was advised to “open new ira & roth ira accounts. Contribute 6k to ira and make contribution for 2020 and then roll it to Roth”

I have a few questions
1. Who should I open an account with? There are so many options it’s intimidating. I don’t work for Deloitte anymore so not limited
2. After I open the account, do I just transfer the money from my checking account or does it have to be from my 401K?

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Posting as :
works at
You are currently posting as works at

1. Schwab, fidelity, Vanguard are all good options
2. Youll need to open 2 IRAs. One Traditional and one roth. After you open the traditional, transfer 6k from your bank account. Once the funds have cleared, execute a rollover from the traditional to the roth.
The rollover is only necessary if you are above he income limit for roth. Otherwise you can contribute to a roth directly

likehelpful

https://www.physicianonfire.com/backdoor/

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Step-by-step instructions.

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