Hello everyone,
-I just turned 25 and am very new to investing and for the Tax year 2015 I contributed $5,500 to a Vanguard Roth IRA.
-I was reading up on how if I am in a higher tax bracket now and probably will be in a lower tax bracket in retirement, then it will be better to have a Traditional IRA and a taxable account.
-Because of this, I re-characterized my Roth IRA to a Traditional IRA, but after doing so I found out that since I am in a employer-sponsored retirement plan and my income MAGI is around $67,500 I am not able to deduct the full Traditional IRA contribution correct?
-So my question now is, should I re-characterize my Traditional IRA back to my Original Roth IRA?
-If I re-characterize an IRA twice in a year does that wash with each other but I will have to amend my 2015 taxes?
-Will there be any tax complications or fees in doing so?
Thank you very much for the help, much appreciated.
