SC843
Returning Member

Excess Back Door Roth Contribution

I had been contributing $100 per month to a Roth IRA for awhile, but this tax year 2024 was the first year I could afford to actually put in the actual limit of $7000. I performed a backdoor Roth Conversion in December because I didn't know what my MAGI would be since I just started my new job in the middle of the year with a higher salary, and I added $6300 to my previous $700 in contributions to equal $7000. However, I just saw on my 1099-R form that I somehow contributed $6300.06 to the traditional Roth and converted it to the Roth IRA, with a total of $7000.06 as my total 2024 contribution. How do I best proceed with this small amount of excess contribution? Do I need to ask my custodian to remove the $0.06 and investment income and recharacterize it? How would I go about doing this on TurboTax? This is my first time doing something more complicated than submitting my W-2's, so please forgive my ignorance. Thank you very much in advance for your help!