I have filed for an extension on my taxes this year, so i am currently still working on my return, Here is my situation regarding my Roth IRA.
I've contributed to the ROTH over 2017 but my income for 2017 has ended up too high so that i now have to remove this money as an excess contribution. I would like to know if i can do the following:
remove the excess contribution and deposit it into a traditional IRA, as a post tax contribution.
Convert that traditional IRA back into the ROTH (backdoor ira) and effectively get me back to where i started with my ROTH contributions.
if the above makes sense, the follow up question is: can i do all this in the context of the 2017 tax return, for which i have filed for an extension.
thanks!