Q&A: "Is It Possible to Contribute $11,000 Per Year to a Roth IRA if Utilizing the Back Door Method?"Retirement Accounts
Question and background:
Is it possible to contribute $11,000 per year to a Roth IRA if utilizing the "back door" method?
AGI is below $100k and filing as a single. I have already contributed $5500 to a Roth IRA for 2013. Am I allowed to contribute $5500 to a traditional IRA, and roll it over immediately to a Roth IRA through the backdoor method?
Now, there's someone who's thinking creatively! Unfortunately, it's not permitted.
The $5,500 per year for a single filer is a total contribution to Traditional and/or Roth IRAs. ($6,500 per year for age 50+)
On the other hand, if you find a good person to marry, then you got your $11,000.