Submitted by Successful-Sample-11 t3_11em1py in personalfinance
Successful-Sample-11 OP t1_jaetau4 wrote
Reply to comment by DeluxeXL in Backdoor Roth IRA Conversion Issue by Successful-Sample-11
Unfortunately I only have a SIMPLE IRA account starting this year.
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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