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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I've read a lot about people doing Backdoor Roth IRAs.  But I have a logistical question:

Do you keep opening up a new IRA every year?  Then converting it at the appropriate time?

For instance, say I want to make my 2016 contribution - so I open up a regular IRA. Then convert it into a Roth IRA. Then next year, do I do the same thing again?:  Open up a new IRA, then convert that one?  Or do I somehow roll over that regular IRA $$ to my existing backdoor Roth?

And what's the best place to do this?  I have a TD Ameritrade account.  Can I do it with them? [/quote]

Looks like somebody already answered this for me on another thread for anyone that's interested:

This is google-able, but short answer: no, because the first time you convert you have to convert your entire IRA portfolio to Roth, including any rollovers you have from previous jobs. You're taxed on any gains you've made (not contibutions), so most people roll any existing IRA's into their current 401k/TSP/what-have-you so that the tax basis will be lower, and only on the first 5500 you plan to convert. Then you put 5500 in a traditional the next year and roll it into your existing Roth. You end up with one traditional IRA account that's empty 355 days out of the year, and one Roth account that you convert new contributions into.[/quote]

Would you mind linking the other thread?  Thanks![/quote]

http://www.dcurbanmom.com/jforum/posts/list/105/623213.page

He randomly asked toward the end of this thread and I provided the above answer.  If you need something more basic or in depth I'll try to help.  I'm not an expert in the field, but I've done it myself.[/quote]

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