I want to front load my wife and my IRA contributions this year. We have been over the income limits and so have done a backdoor Roth the last few years, but I am unsure whether we will be above the income limits this year because I may be leaving my job in July.
I believe I am able to contribute to Traditional IRA invested in VTSAX and let it ride until I know where our income will end up. Then convert to a Roth if we are above the income limits.
If not above the income limits I could recharacterize the contribution as a standard Roth contribution or leave it in the traditional IRA and take the tax deduction.
Am I thinking about this correctly or am I missing something?