Personal Investments • Ability to do Backdoor Roth vs $15k more in Trad IRA?

So I am currently taking advantage of the Robinhood 3% IRA match.

I have the option of rolling over some money from my 401k into a Traditional IRA to send over to Robinhood, which would net me about $15k additional in the Traditional IRA account.

However, if I have a Traditional IRA, as I understand it, that would preclude me from doing anymore backdoor roths. Is that correct?

In this case, would it be better to just leave the money in the 401k and not get a $15k bonus but still be able to contribute to a backdoor Roth, or do the rollover and get a $15k bonus, but not be able to contribute to the backdoor Roth for 5 years?

Thanks all for the help

Statistics: Posted by kirent — Thu Mar 28, 2024 10:56 am — Replies 1 — Views 57

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