Wife and I max out my 401ks. Make too much to contribute to IRA or Roth. We each have been putting money into P2P sites, but am wondering if we should each open a Non-deductible IRA with one of those sites and contribute there, because P2P is tax in-efficient. If we do that, can we convert the non-deductible into a Roth? I heard there was some sort of back door.
What are the tax implications of non-deductible. I know we contribute after tax dollars, so we need to keep track of the prinicple vs the gains, but are there any considerations other than that?