Possibly this year and most likely next year we will exceed the income limits for contribution to a Roth IRA.
I currently have a traditional (deductible) IRA valued around 16k. Don't want to roll it into my current employers 401k due to investment choices (If that's even possible?)
Should I look at converting this to a Roth IRA to avoid the pro-rata rule? I don't fully understand it but think that to do the backdoor Roth I would have to pay tax on a portion of my traditional deductible IRA and convert it to a non-deductible IRA?
Thanks in advance!