Thought I was being clever. Perhaps not.
We maxed out the 403b,
put 2500 into DH's existing Roth,
and then started a regular IRA with 3000
because we were hoping to get our adjusted income low enough to take advantage of the saver's credit.
But then I heard that you can only use an IRA to reduce your taxable income IF you don't already have a 401k (403b) option. Is that so? And then wouldn't it be better to just see if Vanguard would let me switch the new IRA into the Roth while it's still 2016 and maybe the damage hasn't been yet done?
If that IRA money doesn't reduce my taxable income, then I presume I'll get taxed on it a second time when I use it eventually, so something doesn't seem quite right.
Can anyone set me straight or advise?