I have a Roth IRA currently which I've been contributing to but my income is going to exceed the threshold so starting with 2025 contributions I'll be going the backdoor route. I know how to do it, but had the following question.
I already have a rollover IRA account - a few years ago I rolled over the 401k balance from my previous employer, paid taxes on it, and convered those funds into my Roth IRA. So, I have a 0 balance in that rollover IRA.
From now on, for backdoor Roth conversions, can I contribute the $7000 into this rollover IRA and convert it from there, or would it be better to open a traditional IRA and do it from there?
I don't mind opening a new account, but if the one I already have can get the job done I might as well just keep it simple and use that.
I would assume it probably doesn't matter, but when it comes time to report the conversion I don't know if the fact that it's a rollover account would cause confusion.