Originally Posted by
NoDeskJob
Also, depending on your total AGI you might or not be eligible. For married filing jointly, I want to say you can put in a total of 11,000 for the 2 of you....if your total AGI does not exceed 185K.
But don't quote me on that. I recommend researching to confirm. Also. If you're over the 185K you can "backdoor" into a Roth IRA. Talk to a financial advisor.
Cue the backdoor jokes.
Don't have a backdoor joke yet, it's about a week early....
Just pointing out that the backdoor ROTH doesn't work if you have a previously deducted IRA in your name already (either transferred or through contributions). This is because the IRS uses all your IRA balances when converting IRA contributions to a ROTH, so even after tax ones go in proportionally with the tax deferred ones, thereby preventing most of the backdoor.
Just figured out though that the remaining rollover IRA that was tax deferred can be transferred into an old company plan and that will allow my deductible IRA balance to go back to 0 which will re-allow the ROTH backdoor to resume.
Wow, what a wonderfully complicated tax system we have.