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Roth IRA to traditional to backdoor Roth

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  • Roth IRA to traditional to backdoor Roth

    Quick question:

     

    I contributed $5500 to a Roth IRA earlier this year - then my wife and my finances changed: my salary increased and she started a residency, so we will be over the $190,000 modified AGI contribution limit.  I have the Roth IRA at Vanguard and just opened a traditional IRA (with $0 in it).  So, can I just move $5,500 from the Roth in to the traditional and then, the next day, move it back to the Roth to complete a backdoor Roth or is this not OK?

     

    Thank you!

  • #2
    Yes you recharacterize then convert.

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    • #3
      What does re-characterize mean?

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