Author Topic: Convert 2019 Roth IRA contribution to Traditional IRA?  (Read 355 times)

teltic

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Convert 2019 Roth IRA contribution to Traditional IRA?
« on: December 17, 2019, 10:50:20 AM »
Hello!

https://www.madfientist.com/traditional-ira-vs-roth-ira/

I just read this article, and feel like doing a traditional IRA makes sense for me.

Salary = $85k + $15k bonus
Expenses = ~$20k

I've been contributing to my roth IRA for the last 8 years...  Because Dave Ramsey told me to.

Is it possible to switch my 2019 contributions from roth to traditional?  Is it bad to have both a traditional & roth IRA if i plan to do the roth conversion ladder in ~5 years? 

Would you make this switch for 2019 or do I simply start a traditional IRA starting 2020?

EvenSteven

  • Bristles
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Re: Convert 2019 Roth IRA contribution to Traditional IRA?
« Reply #1 on: December 17, 2019, 11:26:01 AM »
Do you file taxes as single?

If so there is an income limit for being able to deduct traditional IRA contributions. The phase out starts at a MAGI of 64k.


MDM

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Re: Convert 2019 Roth IRA contribution to Traditional IRA?
« Reply #2 on: December 17, 2019, 02:14:43 PM »
If so there is an income limit for being able to deduct traditional IRA contributions. The phase out starts at a MAGI of 64k.
If covered by (in other words, had money contributed to) a retirement plan at work during the year.

IRA Deduction Limits | Internal Revenue Service has details.