spartan7886
Familiar Member
Joined: Jan 7, 2011 14:04:22 GMT -5
Posts: 788 
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Post by spartan7886 on Feb 18, 2013 9:58:21 GMT -5
I contributed a few hundred dollars to my Roth IRA for 2013 in January after I finished my 2012 contributions. Between my annual raise in February and a promotion I am on the short list for, we are in danger of exceeding $188k (MFJ) and being ineligible to contribute to a Roth IRA. In order to contribute anyway, I would like to turn this back into a Traditional IRA and do a backdoor Roth. I have no Traditional IRAs at present. The first transaction would be a recharacterization, and the second a conversion, right?
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Feb 18, 2013 10:16:01 GMT -5
Yes..... But be careful with timing.....
if the jan funding was for 2012 then you must correct it before you file the 2012 tax return.
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spartan7886
Familiar Member
Joined: Jan 7, 2011 14:04:22 GMT -5
Posts: 788
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Post by spartan7886 on Feb 18, 2013 10:30:59 GMT -5
Thanks. We're going to be fine on 2012. I made contributions to both years in January, but it's only the 2013 I'm worried about. |
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Feb 18, 2013 11:00:49 GMT -5
great... glad i was able to confirm what you suspected....
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