@DanaB27
Good Afternoon,
I ended up going through with the recharacterization and have a question regarding it for finishing up my taxes.
Recap of only contributions to a new IRA opened in 2024:
5/24 - $530
7/24 - $400
2/5/25 - $2000 - this wasn’t invested in anything yet
So, $2930 was put into the account and allocated to the 2024 year.
Yesterday the Roth had a total amount of $2,911.61 in all cash. I put in a request to recharacterize the entire amount of $2,911.61 and the recharacterization is complete but only $2,893.34 got moved to the new Traditional IRA and $18.27 cash remains in the Roth. Is it an issue that there's still money in the ROTH even though I shouldn't have been allowed to put anything in there? Do I need to recharacterize or move that $18.27 out and how do I go about reporting this?
