I’ve been spending the last 6 months learning more about investment options and am now trying to fix some of the mistakes I’ve made. I have a 401k, Roth 401k, and Traditional IRA. I never set up a Roth IRA and by the time I got around to opening the traditional I was above the Roth income limits. I didn’t know about the backdoor strategy at the time and now have about $20k in returns for my Traditional but am thinking about moving it to Roth and taking the tax hit (tax bracket is 24%). Then going forward I will time better going forward to do the traditional to Roth conversion immediately each new year.
Does it make sense to do this and if yes or no any suggestions for strategy?
Thanks for ideas!