I have contributed $5,500 to a Roth IRA for tax year 2014.
My income is variable due to a variety of factors throughout this year, so I do not know whether my income will be within the limits for deductions of IRA contributions.
I am assuming I can call my provider at any point prior to my income taxes being due and re-characterize the Roth IRA into a traditional IRA, if my modified AGI is below the limits.
It seems painless, but I want to make sure there are not things I am missing.
- What things do I need to be aware of if I choose to do this?