My married niece and her husband would benefit financially by filing income tax this year as "married filing separately". Question 1: If they file taxes in this category, are they still each allowed to contribute the maximum ($7,000) after tax amount to a Traditional IRA (each of their Traditional IRAs have $0 balance now due to the previous year Roth conversion). Question 2 is: Can they still each convert that $7,000, as the 2nd step following the deposit into the Traditional IRA, to a Roth (backdoor). Thank you.
Statistics: Posted by Thda — Sun Dec 29, 2024 11:21 am — Replies 2 — Views 137