I switched jobs in February of 2013 and rolled over my 401(k) to a Rollover IRA, which as I understand it, is equivalent to a Traditional IRA.
Over 2013, I contributed $4125 to the Rollover IRA and planned on making the final $1375 before April 15, 2014. My contributions have already been used to buy mutual funds.
But after preparing my tax return, I realized our MAGI exceeded the income limit for making deductible contributions. I am married, filing jointly, and my wife's employer has a retirement plan. As far as I understand it, that income limit is $115,000. My wife and I made more than that.
My wife has also contributed the maximum ($5500) to a Roth IRA.
What should I do? Do I move the money into a Roth IRA instead? How does form 8606 apply in this circumstance?