I would like to make back door Roth contributions, but I have 2 old SEP IRA annuities ( non-qualified) and I am currently drawing $5,000/year on a third small annuity that will continue until I am 69.5. Would this affect the ability to do a back door Roth conversion? I am currently 63 and plan to work 7-9 more years. Can I do a back door Roth with this "baggage?" Do the annuities need to be rolled over to my 403(b)? I also have a 457, both of which are being maximally funded each year. I have a separate, traditional IRA which I plan to rollover into my 403(b) prior to the Roth conversion if I am able to do it. Thanks
The existing Traditional IRA is certainly a sticking point with regard to back-door Roth conversion since all your Traditional IRA accounts are lumped together into one, regardless of who the custodian is or what the investment is. So do check whether your 403(b) plan accepts rollovers from Traditional IRAs; they may have some restrictions. IRA annuities are a big can of worms; even Publication 590b throws up its hands and says "Read the regulations" to figure it all out, and presumably SEP IRA annuities are worse. SEP IRAs are treated in Publication 560.