[quote=Coronita]
So long as you have any IRA account including a rollover IRA, you won’t be able to do a backdoor Roth IRA. And you want to do this before the government decides to take away the ability to do Backdoor Roth IRA
[/quote]
That is not my understanding. Checked around, and it looks like you can do the Backdoor Roth when you already have IRAs and Rollover IRAs. You can also do a backdoor Roth in steps. There is no limit on the number of backdoor conversions you do, however there must be a 12 month period between any Backdoor rollover. The tax rules are the same whether you do a Backdoor Roth from IRA accounts or 401k accounts, form 8606 applies. Taxes are required to be paid on any Backdoor Roth conversion because you are converting pre-tax to after-tax dollars. There is an interesting ‘Backdoor Roth’ option, if your employer offers it. If they allow post tax contributions to the 401k, you can put up to $40,500 of post tax dollars in 2022 into the 401k and then roll it over into a Roth. From what I can see, it gets around the contributions income limit on Roth IRA/401k contributions. Its being called a ‘Mega Backdoor Roth’.
As for the original question as to where to put the $12k, I would not put it in the hands of ‘advisors’. Several years back, Warren Buffet put out a challenge to hedge fund money managers that he could beat their returns using just index funds using a buy and hold strategy. While some of the money managers were initially ahead, the end result in about 8 years was that Warren Buffet had convincingly won. https://www.investopedia.com/articles/investing/030916/buffetts-bet-hedge-funds-year-eight-brka-brkb.asp
