We are being relocated for work and I now have an interesting opportunity to extract the equity in my house and put it to better use in the market. I think this will also be the first year that we will not qualify for the full roth limit due to income so I'm wondering if this would be a good opportunity to fund a backdoor mega contribution. Depending on what our house sells for I am expecting to net around 230k and will need approximately 60k for a down payment on the new house giving me a total of 170k to invest. From what I understand all I really need to do is fund an IRA then convert it to a roth, seems straight forward. Am I missing anything or are there any other things to watch out for?
Side question, would this contribution be available for withdraw after 5 years like the pipeline contributions? I don't expect I would need it but good to know anyway.
