Hi,
I made a contribution to the traditional IRA in Apr 2021 for year 2021 and recharacterized it to a Roth IRA as I can't contribute to a traditional IRA due to income limits and 401k. However, as I prepare to file the tax for 2021 in Turbo tax, It says that my AGI is too high and this is excess contribution (my AGI is over 208k). It also applied some tax to the transaction as the calculated tax due number went up too.
Do I have to withdraw the full amount and if yes, how to do it? And how to report it in Turbo tax if I withdraw it now.
If not, can I just pay that tax and leave it like that?
Thanks for the help.
Rajesh
