I contributed $7000 for the tax year 2020, to a 2 year old personal ROTH IRA, opened and also maxed out in the tax year 2019. This contribution has grown in value. Our MAGI will exclude the entire 2020 contribution.
Can I simply recharacterize my ROTH contribution made for the tax year 2020, to the tax year 2021, where better planning will avoid the recurrence of the MAGI disqualification.
If so, how will the growth on the 2020 tax year contribution of $7000, made between July 1, 2020 and December 31,2020, be addressed?
