So for the tax year 2023, I contributed $6500 to my Roth IRA without realizing I had exceeded the income limit. After that, I recharacterized the excess (plus its earnings) worth (in stocks, not cash) into a traditional IRA in 2024. Now, I'm looking to backdoor these funds back into my Roth IRA, but I'm feeling unsure and a bit worried about the implications of the growth on these stocks (particularly as it sits in my traditional IRA) before I do the backdoor process.
Also, I've already contributed $7000 into my traditional IRA for the tax year 2024 and completed the backdoor process to transfer it into my Roth IRA.
