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by cdjk
4241 days ago
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Unless you have enough income to be over the Roth IRA contribution limits and want to make yearly backdoor Roth IRA contributions (non-deductible traditional contribution followed by a rollover to a Roth IRA). If you have a traditional IRA there can be some tax complications due to the pro-rata rule. If any traditional contributions are instead in a 401k the conversion is a lot simpler, and tax-free. The other way around it is to open an individual 401k if you have any self-employment income, but that involves a bit more paperwork than an IRA. |
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