Personal Investments • Backdoor Roth IRA - Need to create new Roth IRA account?

I would think that one would want to maximize interest accruing and maximizing gains during this process. Example:
I put $7,000 in a nondeductible IRA and it goes up 100% to $14,000 overnight, so I convert $14,000 to a Roth IRA. It would be like the max allowed contribution to an IRA was $14,000!

Am I allowed to convert more than 7000/yr in 2024?

Edit: I would like to not pay taxes on any gains if possible.

You can convert any amount you want. It's just that any amount over $7000 will be taxed as ordinary income.

You can't contribute more than $7000 or $8000 if 50+. But once it's in the IRA container, you can convert any amount as often as you want. Any amount that didn't go into the IRA after tax would be subject to taxes.

Statistics: Posted by exodusNH — Mon Jun 03, 2024 11:33 pm — Replies 14 — Views 491

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