re: Backdoor Roth for 2020 Income

quote:

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I have a traditional already, can I just contribute to that, and just convert $6000 of it into roth by end of year, without having to convert the whole thing?

Or should I open a second dedicated traditional ira for this specific purpose?

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You can't just pick and choose which dollars get converted. You will have to prorate the conversion.

$54k existing IRA where you received taxable deduction in prior years
$6k current IRA but phased out so no deduction

$60k total traditional IRA

Convert $6k from traditional to Roth and $600 (or 10%) is backdoor and the rest would be taxable on conversion.