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Traditional and Roth IRA contribution
I made a mistake and contributed $6500 to my Roth IRA account in 2024 for 2023. I quickly realized that my income is going to be over the limit to contribute directly to Roth IRA. I then "recharacterized" my Roth IRA plus gains to my Traditional IRA account, I then converted $6500 Traditional IRA back to Roth IRA (Back door contribution). How do I deal with this mess in Turbo tax? I saw someone else posted something very similar, I tried to follow the steps, however, it still told me that I over contributed to my Roth due to my high income and that I need to withdraw. Please help, Can you please listed all the steps instead of summarize.
Thanks
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‎April 12, 2024
12:43 PM