Thanks for the quick response.
In order to do backdoor Roth IRA, is there a timeline in which I need to transfer to be considered as rollover and not recategorization?
I contributed in Jan2019 and now if I move it to Roth IRA, will it be considered as recategorization or rollover?
Will there be any tax penalties if I move to Roth IRA?
While filing the taxes through Turbotax, I did not get option to specify that I contributed to IRA traditional but then rollover to Roth IRA. It provides only option for recategorization and in that, it says that I have to pay 6% tax penalty for excess contribution.
Thanks.
