So we may not meet Roth requirements this year (the blessing and curse of our new rental). Need help:
Currently:
I have Roth with Fidelity, Spouse with Merrill Lynch
I also have old Traditional IRA's (2) with local credit union making zero interest, totaling $4K
I also have old traditional IRA with Fidelity (before opening said Roth), $2K
If I stop our Roth contributions this year, and switch to traditional IRA with the hopes of doing backdoor Roth at the end of the year, do we:
1. Roll over ALL old traditional IRA's to Roth first
2. Create a new IRA account for dear spouse and myself separately, with the hopes of rolling over all or most of the Roth contributions and earnings to Roth at the end of the year?
I have so many questions and there's probably more info needed, so let me know. Any help/insight is appreciated!