Hello! I have messed up my Roth/Traditional IRAs for 2023 and was hoping to get some advice.
At the beginning of the year, I thought my income would be above the contribution limit to Roth so I put it into a Traditional IRA. However, due to taking time off this summer my income was expected to be below the limit so I re-characterized my contribution to a Roth IRA (this brought my Traditional IRA back down to $0).
However, in a stroke of (bad?) luck my wife's income went up more than expected and I am now a few $1000 over in eligible Roth IRA contributions.
I had hoped that I would be able to treat it as a backdoor Roth, but I now sadly realize I should converted instead of re-characterized.
Do I have any options here? Or should I just withdraw the amount I'm over by and treat it as a hard lesson?
Submitted April 10, 2024 at 12:31AM by The_Fluorine_Martyr https://ift.tt/fgB4Lab
