Hello- My wife and I are in our late 20s and have been maxing out our Roths for the last few years. This year, we both received raises and our adjusted gross income for 2014 will be a little over $200k. In doing some research, it looks like we no longer qualify to contribute to our Roths since our AGI is above $191k, right? However, what happens to our 2014 contributions? Will we be penalized? Should we convert our Roths to traditional IRAs? And if so, when?
Thanks in advance!