Hello, I made a dumb mistake and contributed $7K to my IRA in 2020 (I'm under 50), so 6K is my limit. I understand it's excess, and there are options. Where it messy, is I always do Roth IRA conversions. So:
Every month I deposit $200 into my Vanguard Traditional IRA. I wait a few days until it clears, and then convert it to Roth. That's $2,400/year. In 2020 I decided to max it out and made a 1-time deposit of $4,600 in the Spring, and converted it. Obviously this math mistake put me at $7K.
How can I fix this? It's so much stickier with the conversions. 😩
