Reclassify Roth Contributions or leave alone for now?
As of TY2024, our MAGI (married filing jointly) is over the Roth IRA Income Limits. Not anticipating this, I opened a Roth at the end of last year and began contributing to it in March and April. I already have a Traditional IRA where a bulk of my investments are located.
As I understand it, I can reclassify my Roth contributions towards either my Brokerage or my Traditional IRA.
Any advice or advantage to doing one over the other? Personally, I could go either way with it, as it's not a lot of money.
OR should I just stop contributing to it, in the event our MAGI drops back down below that limit (in the event one of us loses our jobs) and leave the Roth available as an option in case such an event happens?