PERSonalTime
Recycles dryer sheets
- Joined
- Jan 19, 2014
- Messages
- 456
Last year, 2017, I made the maximum Roth IRA contribution of $6500. In doing my income taxes this year, I realized that my 2017 income exceeded the Roth IRA income limits for a full contribution to a Roth IRA. My income, married filing jointly, was around $190,000.
I know I need to do a recharacterization of the contribution and interest earned into a traditional IRA. But, I'm not sure how to calculate the amount I need to transfer from the Roth to the Traditional IRA. Does anyone know how to make that calculation?
I know I need to do a recharacterization of the contribution and interest earned into a traditional IRA. But, I'm not sure how to calculate the amount I need to transfer from the Roth to the Traditional IRA. Does anyone know how to make that calculation?