My husband has ‘old’ IRAs so we thought we had to convert all the old money first so we stopped making any new IRA contributions. He now thinks he can setup a new IRA account at a different institution and then do a back door Roth (we make too much for a direct Roth).
Any idea if this is valid and what IRS pub might support this?
TIA!!
We realize we have less than 2 weeks to figure this out!