<prompt> Human: My wife and I earned about 200k combined last year. After deductions and 401k contributions our MAGI will probably get to about 150k. I thought I was being a good rpersonalfinancerr and I maxxed out my Traditional IRA back in December.But if I am reading things correctly, since we both have 401ks at work, we earn too much money to contribute to an IRA.Part of the money was never invested though. It was deposited into the account as cash and I was waiting for this years deposit before I invested all of it at once. Is there a way I can withdraw last years contribution?Assistant: You cant contribute to IRA and take the deduction. However, good news! You can just re-classify those contributions as Roth, as the MAGI limit for that is 181K.Human: Is it too late to backdoor it? Is the money I contributed back in 2014 wasted from a tax benefit perspective?  <response>: I wouldnt backdoor anything. Just re-classify. If you havent filed your taxes, theres nothing to worry about. Who is your IRA with? Just call them up and say you want to re-classify your 2014 contributions from traditional to Roth. I did that last year, it was as simple as a 5 minute phone call to Vanguard.Theres nothing wasted with a Roth, you paid the taxes now so you wont have to in the future. 