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Retirement tax questions
Best person to help here is @dmertz
You want to be cautious in recharacterizing it as a traditional IRA. The funds will still be non-deductible, and mixing deductible and non-deductible funds in a traditional IRA creates a paperwork problem you will have to keep track of every year for the rest of your life. It may be the best thing to do but maybe not. You have until April 15 to do the withdrawal of excess contributions and not be penalized on your 2020 return, although you will still have to amend if you filed already. But you may have to amend the 2019 return first in order to have the correct information to include on your 2020 return.
March 17, 2021
11:40 AM