My income is too high to contribute to a Roth, so I'd like to do a backdoor Roth with Fidelity, where I have my existing Roth and old rollover IRA money.
Questions:
If I do a backdoor Roth for 2016 by April 15 this year, but I have already done my 2016 taxes, do I have to amend my return to pay the tax? Can someone explain how the taxes work when doing this?
Since I already have retirement accounts with Fidelity, can I use them for this process? Or do I need to open a new IRA and new Roth account with Fidelity?