I have a question that I can’t seem to find an answer too. So normally a person would have a Roth IRA account and contribute the max every year into the one account. So if I have to do a conversion every year, does that mean I’ll end up with multiple IRA accounts or can I just contribute to the original conversion account until I retire? Thanks.

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AutoModerator t1_j2ebaqj wrote on December 31, 2022 at 5:03 PM

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freddie_the_mercury t1_j2ebmw5 wrote on December 31, 2022 at 5:05 PM

#1,233,698

nope. same account. leave traditional open with $0 balance. contribute to it first week of Jan and convert to existing Roth account.

DeluxeXL t1_j2ec96d wrote on December 31, 2022 at 5:09 PM

#1,233,890

No. You're converting the balance inside a traditional IRA to Roth IRA, not the account itself. The two accounts stay exactly where they are. The contents move.

bluetrader518 OP t1_j2ee2ei wrote on December 31, 2022 at 5:21 PM

#1,234,497

Replying to freddie_the_mercury (#1,233,698)

So the next year, I can just contribute right into that account?

debbiewith2 t1_j2efmde wrote on December 31, 2022 at 5:32 PM

#1,235,045

Replying to bluetrader518 (#1,234,497)

Correct. And then convert into the same Roth.

nothlit t1_j2eiu8u wrote on December 31, 2022 at 5:53 PM

#1,236,148

Replying to bluetrader518 (#1,234,497)

Every year that the backdoor method is required, you must contribute to the traditional IRA and then convert to Roth IRA. You can keep and reuse the same traditional IRA and Roth IRA year after year.

bluetrader518 OP t1_j2fp88d wrote on December 31, 2022 at 10:55 PM

#1,252,795

Replying to nothlit (#1,236,148)

This was exactly the answer I was looking for. Thank you.