I am unemployed for the first 4 months of 2024 and have some interest and dividend income. So far, my annual income will be around 20K if I remain unemployed. However, I may get a job later in the year, and my annual income may be bumped above 87K for 2024.
I was wondering if I should contribute to a traditional IRA or Roth IRA? What will happen if I end up making more than 87K? I already have some traditional IRA from previous years and I will get hit by the pro-rata rule if I want to convert my 2024's IRA contribution to Roth IRA.
