If our base income is just under the Roth IRA income limit, would it be best to go ahead with the back door Roth just to be safe? And if so, would we have to open a new traditional IRA each year and convert it to a Roth? Or, fund the same traditional IRA each year? Hope the question makes sense. Thank you!
It can be the same traditional IRA account each year. You’d just be converting all the money inside to Roth. And for these types of questions I usually suggest you’re in “talk to a CPA” territory because you’ve got pretty decent income and there may be other tax factors at play that I wouldn’t want to guess at on a forum like this
Got it. Thank you for the info! Always appreciate the helpful tips from your content.