At the beginning of this year, I had no ira's at all, 1 former employers 401k, and my current employer's 401k.
first, I created a traditional ira rollover account for the former employers 401k to be put into with vanguard.
Next, due to some delays on my former employers and my own laziness, I had not yet actually rolled it over, but i added 2k to the rollover account at vanguard as 2017 ira contributions. This account has made 50 dollars profit.
Now, I realized that account is a traditional IRA and that I am NOT eligible for any deduction in 2017 since I make too much.
What should I do? Since there is no rollover money in that account yet, can I just get Vanguard to re-characterize it? Should I "convert" it? Should I leave it there and take the small deductible hit?
Are there any other repercussions I'm not thinking of? Thanks!
Submitted July 27, 2017 at 10:09AM by Monell http://ift.tt/2vb1G1G
