Hi everyone. I just created a rollover IRA with Fidelity and transferred a 401k I had from a previous employer, which I left in that account for the last 3 years. It is currently at 30k. Ideally, I’d like to be able to make regular monthly contributions to this IRA, but I know that any contributions to this will create issues given that the money in there is pre-tax from the old 401k. I very likely can’t afford to pay the taxes that would be necessary if I converted this account to a Roth IRA, so now I’m not sure what to do.
Do I just invest the money in this rollover IRA and leave it alone? Do I open up a separate Roth IRA and begin contributing to that separately? Is there a way to spread out the tax payments necessary to convert this 30k into one Roth IRA account?