Can you elaborate? What do you mean the tax code doesn't permit? Like there is a rule that states I can't recharacterize in 2019?
@dmertz @Opus 17
To provide a bigger context:
-2018: 4,500
-2019: 6,000
-2020: 6,000
-2021: 6,000
Total contributions: 22,500
In 2018, I made a contribution which was allowed under my income limits. Since then, I've been contributing when I shouldn't have based on my increased income. I made stock purchases starting in 2019 which combined my 2018 contribution. Since then, my total roth IRA has appreciated to ~$28K. So I've made ~$5.5K, which I'm sure makes my situation a little more tricky....
So based on your guys' input, it seems like I can only recharacterize 2020 and 2021? Can you advise why that is? I'll have a very pleasant call with Schwab with the person previously telling me incorrect information...:)
All in all, I'm looking for the most cost efficient and quick way to resolve my mistakes. Appreciate all of your responses so far. Please excuse my lack of knowledge on this stuff 😕
@dmertz do you have any recommended sequence of actions I take, different/similar than @Opus 17
