Income is too high for deductible TIRA. We both have retirement plans at work. She has a 401k and I have a TSA that we max. I also have a pension plan or what my work calls a supplemental plan B that they put in 10% but I also add 10% to after tax money. I wanted to execute back door Roth iris for both of us but now have noticed 2 problems.
1. My wife's TIRA is now worth 5505 and I thought the most I could put to the Roth per year was 5500. But maybe I can transfer the entire 5505 and pay taxes on the 5?
2. I added 5500 to my TIRA on 4/14 but the transfer to the Roth IRA doesn't appear to have happened until 4/16. Then I added another 5500 to my TIRA thinking I was going to transfer that into my Roth for 2014. Problem is According to vanguard, I already did my 5500 2014 contribution cause I was a day late in getting the initial 5500 over. Ugh!
Any advice for this first time flop?