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DeluxeXL t1_jaesk0l wrote

Do you have a 401k? Ask them if you can roll over traditional IRA to your 401k. If the answer is yes, roll over only the pretax balance (anything but the $6500 you just contributed (2023) and the $6000 (2022) you didn't deduct) to the 401k, and convert all remaining balance (i.e. the $12500 you leave behind) to Roth IRA.

To make sure the account value doesn't change while you're doing the rollover, liquidate everything in the account first.

If you have more than one non-Roth IRA, they are considered one big account for this purpose.

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Successful-Sample-11 OP t1_jaetau4 wrote

Unfortunately I only have a SIMPLE IRA account starting this year.

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DeluxeXL t1_jaetuaq wrote

>Unfortunately I only have a SIMPLE IRA account starting this year.

You cannot do a clean backdoor Roth for the forseeable future.

If you can get MAGI low enough by increasing workplace contributions (your SIMPLE IRA + spouse's workplace account), contribute directly to Roth IRA (recharacterize the two traditional IRA contributions you already made).

If you cannot get MAGI low enough, reverse your 2022 and 2023 IRA contributions. The procedure is called "removal of excess contribution"

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