Good morning/afternoon/evening anyone who reads.
I made a mistake of contributing a total of $2,400 excess from years 2018-2021. So in 2022 I only contributed $5,700 and absorbed $300 and filled out all my 5329s with fees sent off. So now I'm at $2,100 excess I can absorb in 2023. That was my plan.
I did my math in January and all was well. I contributed $4,000 to my Roth IRA in January so I can absorb the excess. My issue is my company decided to give everyone an unexpected raise. At the rate I'm going I will be over the contribution limit for a Roth IRA.
So...I can adjust my overtime and try to squeeze in under the limit but I may not come in under the income limit.
I am curious if I can either:
A) withdraw my $4,000 from the Roth IRA, put it into a Trad IRA and then backdoor it to a Roth IRA. If I do this will I also absorb my excess $2,100 or am I only able to absorb excess into a Roth IRA?
or
B) put as much as I can into a Traditional 457(b) and if so will that lower my MAGI? Right now I put a very small amount into a Roth 457(b) monthly. Can I contribute to both at the same time as long as I don't put in more than $22,500 combined? It's my understanding that Trad 457(b) contributions lower my AGI, which in turn would lower my MAGI. Is that correct?
If any other suggestions please lay them on me.
