SG Expat Controbuting to Roth IRA

[bmr1221]

Thank you in advance and apologies if any confusion with my understanding.

I’m a single American living and working in Singapore. My 2023 income in Singapore was 200k SGD (~145-150k USD.) For the 2023 tax filing, looking to use the FEIE along with housing exclusion maximum (2023 housing costs were 42k SGD / ~30k USD) and FTC for remainder.

Would like to confirm if I am still able to take advantage of a 2023 backdoor conversion for my Roth IRA? I believe that my income would not allow me to take advantage of a regular Roth IRA conversion even with the FEIE and FTC.

Hoping to make a 2023 contribution before the window closes on tax day.

 

[yannessoh]

@bmr1221 Is Line 15 on your US tax return >$6500?

And are you talking about a contribution or a conversion? I don’t fully understand what you’re looking to do.

 

[bmr1221]

@yannessoh Thank you for your response. It is greater than 6500 USD.

I would like to confirm if I’m able to contribute to my Roth IRA after taking the FEIE/FTC given foreign income earned. I understand that if one’s income exceeds the FEIE income limit, one may still be able to make a contribution through a Roth backdoor conversion? However I’m unsure if this would apply to my case or if other restrictions may apply.

 

[yannessoh]

@bmr1221 If your Line 15 is greater than what you’d like to contribute, and less than the income limit ($160k for single and $240k for married) then you’re good to go.