Hi,
I plan on getting married soon, but throughout the year my fiance has been putting money in her Roth IRA. Once we get married, our combined income will surpass the Roth limits. I use the backdoor roth option, but my fiance never needed to because her income was under the limits. What do I do with her Roth contributions from this year if we get married before the end of 2017? Do we recharacterize/convert them into a non-deferred traditional IRA? And will we then be able to backdoor them back into a Roth? Or will we have to wait a while before using it to backdoor? What about the minimal growth from the lots she has purchased this year (she was basically using the dollar cost averaging method, putting money into it each month)? She has no other traditional IRA space.
Thanks,
Billy
I plan on getting married soon, but throughout the year my fiance has been putting money in her Roth IRA. Once we get married, our combined income will surpass the Roth limits. I use the backdoor roth option, but my fiance never needed to because her income was under the limits. What do I do with her Roth contributions from this year if we get married before the end of 2017? Do we recharacterize/convert them into a non-deferred traditional IRA? And will we then be able to backdoor them back into a Roth? Or will we have to wait a while before using it to backdoor? What about the minimal growth from the lots she has purchased this year (she was basically using the dollar cost averaging method, putting money into it each month)? She has no other traditional IRA space.
Thanks,
Billy
Comment