{ "media_type": "text", "post_content": "Sooooo I am trying to figure out if I should put 6k into a Roth IRA or a traditional IRA for 2022. I have the money now. Currently, I am in the 22% tax bracket and can contribute to Roth IRA. However, I am engaged to my fiancée. The wedding is currently set for 2023, but we are considering doing a courthouse wedding late December for tax benefits. He is in the 35% tax bracket, and if we are married at year end there would be too much 2022 income for a Roth. Continued…", "post_id": "61e71624348de200369df0f8", "reply_count": 4, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Sooooo I am trying to figure out if I should put 6k into a Roth IRA or a traditional IRA for 2022. I have the money now. Currently, I am in the 22% tax bracket and can contribute to Roth IRA. However, I am engaged to my fiancée. The wedding is currently set for 2023, but we are considering doing a courthouse wedding late December for tax benefits. He is in the 35% tax bracket, and if we are married at year end there would be too much 2022 income for a Roth. Continued…

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I would do Roth. Probably soon you will be in a position that you can’t deduct a traditional contributions. At that point contributions won’t be worth it. You would do a backdoor roth but would have tax issues with a traditional IRA balance. If you think you will file married this year and will be over the limit for 2022, just do a backdoor Roth IRA for 2022 now. Assuming you don’t have a traditional Ira balance

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Yeah, if you currently have a zero-balance IRA, there’s no harm in doing a backdoor conversion just to be safe.

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We might not decide on courthouse wedding until late summer or fall. Is time in the market worth it to do traditional now? Even if we choose not to do the courthouse wedding and I would have been better off doing Roth?

You could just run a backdoor

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