Backdoor Roth Contribution and Opening a SEP IRA - what do I need to know?
My wife and I each have a Roth IRA's - open for about 6 years now. These are the only IRA's that we currently have. Last year, we were over the contribution limits for the Roth IRA's, so we did the back-door conversion by opening a traditional IRA and immediately converting them to Roth's. Ideally, I would like to do the same thing again in 2014.
Here's where my question comes in: I'm self-employed and would also like to open a SEP IRA and begin contributing to that in addition to doing the back-door Roth contribution. However, in doing some research, it sounds like there are some issues/tax implications doing the back-door conversion to a Roth IF I have any other funds in IRA's. Would opening a SEP IRA eliminate that back-door Roth option for us? If not, what issues do I need to be aware of?