This was my first year investing in an IRA and I maxed out my Roth IRA.
I just learned because of a bonus from work that I am earning over $240k between my wife and I and we not allowed to contribute to a Roth IRA for 2024.
I am under the impression that I can recharacterize my Roth contributions including my gains into a non deductible traditional IRA that I just created and currently has $0.00
From there I can covert my traditional IRA back into a Roth IRA (backdoor Roth)? Will I owe any extra taxes or be subject to the Pro Rata Rule?
Submitted November 11, 2024 at 11:49PM by Lost_Marketing4546 https://ift.tt/bDzLahQ
