All,
If I'm uncertain whether I'll exceed Roth IRA income limits in 2024, can I just contribute to traditional IRAs for myself and spouse and execute a backdoor Roth at the end of the year?
We may be eligible to deduct spouse's traditional IRA contributions (she is not covered by a retirement plan at work so income limits are higher). In this case, can I convert my traditional IRA funds to Roth and leave hers in the traditional IRA once we know what is deductible? If we leave hers in traditional, I understand that future backdoor Roths become challenging.
Am I missing anything?
Thanks
RandomGuy
If I'm uncertain whether I'll exceed Roth IRA income limits in 2024, can I just contribute to traditional IRAs for myself and spouse and execute a backdoor Roth at the end of the year?
We may be eligible to deduct spouse's traditional IRA contributions (she is not covered by a retirement plan at work so income limits are higher). In this case, can I convert my traditional IRA funds to Roth and leave hers in the traditional IRA once we know what is deductible? If we leave hers in traditional, I understand that future backdoor Roths become challenging.
Am I missing anything?
Thanks
RandomGuy
Statistics: Posted by RandomGuyOnInternet — Wed Dec 27, 2023 4:26 am