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You wrote, Joel, one word of warning with the advice below. It doesn't work if the person has any other tax deferred IRA money. The conversion of the basis to Roth is pro-rata on ALL IRA's so some of the conversion may be taxable if you also have some tax deferred IRA's.

You're right. And I actually have that dilemma myself. I've been thinking about resolving it this year by rolling my IRA into my 401(k). I need to act on rolling it into the 401(k) soon or I might miss out on the opportunity to make a back-door Roth IRA contribution for yet another year.

- Joel
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