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I intend to contribute to a Roth IRA this year using an IRA conversion. I do not know yet if a contribution to a regular IRA will be all or partially tax deductible. For the moment, I am going to assume it will not be tax dedictible.

I already have a Roth IRA and a Rollover IRA at E*Trade. What is the cleanest way to contibute to the Roth?

a) Open a new Traditional IRA, fund it, then immediately convert it to the existing Roth IRA.

b) Contribute to the Rollover IRA, then convert the contribution only to the existing Roth IRA.

c) Other?

I will likely be using TurboTax this year. Are there any special tax implications in doing this conversion?

I'm 48, so any distributions are still along way off. I have, in the past, considered and rejected a Roth conversion because I did not care for the additional tax levied when converting from an IRA, but if I understand the new strategy available this year, converting a brand new Traditional IRA to a Roth IRA incurs no tax as there has been no growth in the contribution.
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