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Reply to "About that max income limit to contribute to a Roth..."
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[quote=Anonymous]We have been flirting with the MAGI phaseout for a couple years. Ideally you should wait until you file your return, as you don't want to create extra headaches, put there money in an after tax account if you don't want it out of the market during the wait. If you really want to do it now - I would err on the side of caution and do the Backdoor. If you contribute to the traditional and immediately recharacterize it to a Roth there will be no tax amount to worry about (since there would likely be no gain in that short period). The only caveat is if you have existing traditional iras or rolled over a 401k to a traditional IRA. I you have any traditional IRAs you need to get rid of them before you do the conversion, unless you plan to convert them also. Ideally you would roll the traditional deductible iras into your current employer's 401k or TSP, then they don't enter into the calculation for the conversion. [/quote]
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