What is a Roth Conversion?
A Backdoor Roth Conversion (or simply Roth Conversion) is an informal name for a complicated but IRS-sanctioned method for high-income taxpayers to fund a Roth IRA, even if their incomes exceed the limits that the IRS allows for regular Roth IRA contributions.
Keep in mind that this is no tax dodge. When you convert money from a Traditional IRA to a Roth IRA, you owe the taxes on the entire amount transferred in that tax year. But as with any Roth IRA, you should owe no further taxes when you withdraw that money after retiring.
Here are steps to execute a Roth Conversion
Step 1: Log into your MYRA Portal
Step 2: On the Dashboard, locate your Traditional IRA, and select Roth Conversion
Step 3: Convert your 'Full' or 'Partial' balance in your Traditional IRA to your Roth IRA. Note: There is no annual limit to how much you can convert each year.
Step 4: Sign & Submit. You're done! Congrats! You just executed a Roth Conversion.