I have $25k in a traditional IRA and $800k in a self-employed 401(k). Maxed contributions for both for 2025. I'm a high earner, so can't contribute to Roth IRA directly.
I just learned about backdoor Roths (and mega backdoor Roths), which was great. Then I learned about the pro rata rule, which was less great. I'm also 47, so coming up on "catch up" contributions at 50 for 401(k), which I also understand must be Roth-only starting in 2026.
Since I have a relatively small amount in the traditional IRA, can I bite the bullet now (for pro rata purposes) and backdoor Roth to clear out my traditional IRA, and then going forward just do a quick backdoor Roth each year?
Thanks very much!