Backdoor Roth Hesitation

Done my research. Talked to friends in finance. Did more research. Still having some hesitations and wanted to crowd-source some advice! Thanks in advance!

I got new new job that sees me make more money. May not hit the limit but better than a chance that I will. You get the deal.

My wife and I both have a traditional IRA ($0 balance) and Roth IRA (~$30K balance) at Vanguard. I also have a traditional 401K and Roth 401K at work. My wife has a traditional 403B at work. Does any of this exclude me / raise warning flags?

The steps I will take – contribute $6K to my money market fund in the traditional IRA at Vanguard, convert all to the Roth IRA at Vanguard (leaving traditional IRA at $0 again), invest all in a target retirement fund under the Roth IRA at Vanguard, and fill out the 8606 form to save for my tax guy. Then do the same for my wife. I’m basically following the steps at this page on POF. Am I missing anything here? Any tax implications that I’m missing?

Thanks again, everyone!

submitted by /u/AlrightGaz
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