My employer offers a SIMPLE IRA, opened through one institution, and realized it wasn’t growing much and there were a lot of fees I wasn’t happy with. I’ve just opened a traditional IRA with Fidelity and started the transfer the funds into the new traditional IRA. Once the transfer is complete, should I backdoor it into a Roth IRA. Can I do that? Pros/Cons?
The “issue” would be in my opinion the Tax implications, since you’ll have to pay taxes on that money as “income” which depends on how much money you’ll make this year and how much the amount you are converting will determine how much more in taxes you’ll pay. HTH