Timing Rules for back door Roth Conversion
Hi. Question today—if I open a traditional IRA account today and make a $7,000 contribution (age over 50). Can I legally immediately “back door” Roth conversion it the same day without penalty or is there a waiting period. (My income is too high to make a Roth contribution on its own thus the back door).
Thanks for your help
Permalink Submitted by Alan - IRA critic on Tue, 2021-09-21 19:06
There is no waiting period for the conversion. But there may be a deadline since the HR is proposing to end all conversions of non deductible contributions after 2021, so you will want to get this done before year end.