Hi. Everything that I have read says you can do exactly that, including the bank that won’t do it for me. I think characterize might be the wrong term. This is from Fidelity:
3. Apply contributions to the next year
If you meet the income limit for the type of retirement account you’re contributing to, you could also apply your excess contributions to the next year, which means they’ll count toward the following year’s contribution limit. Before considering this correction method, first make sure to verify that the carried over excess will be eligible within next year’s limits. And, again, reach out to a tax professional if you have any questions.
It looks like the recharacterization terminology refers to moving it to a traditional IRA, which I don’t think I can do as I hit the limit in my employer-based 401k.
I don’t want to withdraw the excess because would have to sell the shares to go that. How do I apply it to 2024, instead?
