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you could have been doing 'back-door' Roth contributions for a few years now

Wow, I misunderstood what this was (I thought it was only for existing traditional IRA accounts).

So I have no traditional IRA accounts (but I do have a small rollover IRA from an old small 401k), so basically I deposit $11,000 (for married couples 2013) into a traditional IRA then immediately convert to a Roth IRA? Seems too easy. Does this work exactly like a RothIRA, where I can pull out the principle at any time penalty free?

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