Thank for the explanation.
so in my example
contribution to Roth ira 2020: $6000
actual contribution allowed in 2020: $0 (due to the extra income received in the latter part of 2020)
net income from the excess contribution: $500
So I should recharacterize only the contribution of $6000, and transfer $6500 from Roth ira to a traditional ira?
is my understanding correct?
Thank you so much.
