I just realized that I’ve been doing the back door IRA conversation wrong for the past few years while carrying a balance in my traditional IRA.
Currently I have a total of $65K in my Roth and $35K in my traditional IRA. For the last 2 years my household income exceeded the Roth IRA contribution limit so I did the backdoor without realizing that the $35k in traditional IRA would trigger the pro-rata rule. I’ve either been taking a hit in taxes or doing them wrong as well.
Is it too late to act on that $35k for my 2025 return? Thanks.
Edit: Also one thing I didn’t mention was that my spouse was also doing her own backdoor Roth. Her numbers are clean but we are MFJ. Would my mess complicate her situation in anyway?