Hi all, I was holding off on my 2022 roth IRA contribution because I was negotiation my salary and i didnt know if i would hit the income limit. Turns out that was a good choice because i am not qualified for roth IRA with my income. Unfortunately, life got busy and I didn’t do proper planning for backdoor roth IRA before dec 31st. Now i am in this situation where i am holding 17k in a traditional IRA (from previous employer 401k rollover from years ago).
Doing some readings now, it seems like the most reasonable choice for me is to forget about 2022 backdoor roth IRA conversion all together, roll my traditional IRA to my current 401k plan via trustee to trustee, and just focus on doing 2023 roth IRA conversion? Also, what if my 401k doesnt allow transfer in from traditional IRA, am i forever locked out of backdoor roth ira conversion unless i pay the tax to roll my existing traditional ira balance ?