Hello,
I know similar question was asked for 2022 tax year by josepnyc76
I'm in similar situation for 2023 tax year. I contributed max possible amount to both Roth IRAs (self and wife). Now it turns out we both are allowed only $1000 contribution to our Roth IRAs.
To make matter worse, we also contributed full permissible amount for 2024 to same Roth IRA accounts.
I'm thinking of opening two new traditional IRA accounts for both of us and transfer amount in excess of $1000 to them.
So our 2023 tax year situation will be - $1000 to Roth, Rest to Traditional. And out 2024 tax year situation will be all to Traditional.
Does this make sense?
Thanks
