So here is the scenario.
I have 600K in 401K Rollover Traditional IRA (Pre-Tax) I have 30K in Roth IRA
I want to contribute to Roth IRA but my income is too high. If I take part of money every year ($20K) and convert from Traditional IRA (Pre-Tax) to Roth IRA then I will have to pay tax on it.
What if I open a new Traditional IRA account? I contribute $6000 (limit) POST TAX money to it and then use the backdoor to convert that account to Roth IRA. In this way, I only have to pay tax on the gains since this is post tax and I have already paid tax on it.
Is this possible?