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Learning, Sharing, and Teaching => Investor Alley => Topic started by: blynch010 on March 03, 2018, 04:37:24 PM

Title: Over IRA Contribution Limits
Post by: blynch010 on March 03, 2018, 04:37:24 PM

Up through 2016 I have been funding a Roth IRA, but in 2017 my income exceeded the limits for contribution. Normally I would use a backdoor Roth contribution, but I have an employer-funded SEP IRA that would be impact the pro-rata calculation. I feel like me hands are a bit tied.

I already contributed to my Roth for 2017 before I realized I was over the income limit, so this has been recharacterized to a traditional IRA. Is there any real benefit to making nondeductible traditional IRA contributions? Should I not contribute anything for 2018?

Title: Re: Over IRA Contribution Limits
Post by: clumlee on March 06, 2018, 12:14:52 PM

I would contribute for 2018. If you can't put into a ROTH then do a traditional. I'm not sure how to address the other items you're asking about, though. Sorry.