First Year w/ Backdoor IRA

Hi everyone,

This is my first year trying to do the Backdoor IRA and I'm just making sure the steps are really as simple as they seem. Please correct me if anything I have is wrong!

  1. My income dictates I just have to do a reduced contribution into Roth so i have $3,750 contributions available left.

  2. Transfer $3,750 from bank account to individual brokerage.

  3. Open up an empty Trad IRA.

  4. Transfer the remaining contribution amount of $3750 into the Trad IRA.

  5. Perform Trad to Roth IRA conversion.

I'm safely assuming that once the cash is already in fidelity that it can move instantly between accounts so I'd perform steps 4 & 5 within a few minutes of each other.