My income is somewhat unpredictable. As has been the case for the last several years, my wife and I have been dutifully contributing to our respective Roth IRAs on a monthly basis -- targeting a max date in December. However, unlike other years, it looks like we might run afoul of the income limits permissible to qualify for Roths this year (for married: phase-out starts at $184,000; ineligible at $194,000). I guess it is a good problem to have. Our 401ks should be maxed by years end as well. There are no other tax deferred instruments available to us through our employers.
My question is, should our MAGI be above $184k at year's end, what do we do? What if over $194k (less likely)? Do I have to take funds out of the Roths and put them in TIRAs? How do I do this? My preference is Roth accounts because I like the certainty (I realize nothing is completely certainty) of the tax-free account.
Any advice would be appreciated.
Thanks