Hi everyone,
In 2020, I maxed a Roth IRA through the backdoor method. My wife also maxed out her 2020 Roth IRA directly. We got married near the end of 2020. We ended up filing 2020 taxes separately. However, I didnt realize until after we filed that the Roth IRA contribution limit was 0 if filing separately. We plan to file jointly next time. Two main questions:
1) What are the implications of this for both of our Roth IRAs and what steps can be taken to correct this?
2) I already maxed out my 2021 Roth IRA through the backdoor method and my wife has already directly contributed to her 2021 Roth IRA. Our combined income is likely to exceed 208k this year. Can she reclassify her roth contributions as traditional and then reconvert to roth to avoid the income limit?
My income is ~140k and hers is ~80k. Roth IRAs are with Schwab.
Submitted May 09, 2021 at 09:07PM by pf_throwaway01 https://ift.tt/3tziIQE
