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Subject:  roth conversion question (again) Date:  7/14/2019  12:25 PM
Author:  HoldingCoffee Number:  129496 of 131269

OK,I'm going to try asking this again because I still can't quite find the answer online, perhaps because it's so simple.

I am now old enough for an IRA contribution of $7,000 per year with catch-up amount in 2019.

My income is too high to allow for a deductible contribution to a Traditional IRA or any contribution directly to a Roth IRA.

I do not currently have a traditional IRA(I do have an old Roth and an employer 401K).

If I put $7,000 after taxes (not deductible for me) in a Traditional IRA and within a week or so immediately roll it over into a new Roth, with minimal or no gain in the account during that week, it seems like there would be negligible tax implications (I am in a high bracket and likely to be there even in retirement. I know I will have to wait five years to take a distribution from this Roth without penalty).

Am I missing something? Pitfalls?
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