How to Do a Backdoor Roth IRA at Schwab

STEP 1: CONTRIBUTE TO SCHWAB TRADITIONAL IRA Note: "Traditional IRA" and "Roth Contributory IRA" names are used here for the instructions. When you create each account, please rename the way you like it . Click on " Open an Account " at the top right corner Click " Traditional IRA " and follow the instructions to create a Traditional IRA account from Schwab. You should change the default name of the account ("Contributory") to "Traditional IRA" to easily distinguish between Traditional and Roth When you are done, go to the Accounts and select Traditional IRA account. Click on " Transfers & Payments ", then lick " Online Transfers " If you do not have an external funding account (Checking, Saving, etc), click on the right tab " External Accounts " to set up one. From the " Online Transfer ", on the " From " dropdown, select source of account to fund the money to Traditional