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My question for everyone is whether I should contribute to a traditional IRA and then convert it to a Roth IRA. My current income is over the Roth IRA limits. I fully fund ($17,000) my work TSP (401K) and recieve 5% additional matching.

Do you have any traditional (pre-tax) IRAs, including rollover IRAs, SIMPLE IRA, SEP-IRAs, etc.?

I guess I also do not fully understand how it will be taxed. The post-tax money I convert is added to my income so won't it be taxed again?

Conversions are taxed on an allocated basis across all of the Traditional IRAs you have. For instance, if you have a $20k pre-tax rollover IRA, and you contribute $5k to a non-deductible IRA, you have 80% pre-tax and 20% post-tax. So if you convert $5k, you would pay tax on $4k (80% of the conversion. Your remaining IRA would consist of $16k in pre-tax and $4k in post-tax basis.

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