I’m trying to help my wife with her Fidelity retirement accounts. Hitting a snag.
Background info:
$25k in a Roth IRA (contributed before her income disallowed it)
$20k in a Trad IRA (all non deductible contributions)
Other retirement accounts: 401k and a little money in a brokerage account
Maxing the 401k already, split between Roth and Traditional
Her income is around $150k
Questions:
I would like to Backdoor upcoming contributions but trying to avoid Pro Rata rule. Does that apply here?
Also, in your opinion what would be the smartest way to convert the Trad IRA to Roth? Is there a certain timeline that makes sense?
We file tax as MFS due to my income based student loan repayment plan.
Thanks! And let me know if any more info is needed.
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