Thanks @dmertz. Can you also provide me a link to an article that gives me step by step instructions to re characterization followed by conversion.
specifically I can’t seem to find answer to this:
because I simply didn’t know that I would be above the limit, I contributed in Jan 2019 the 6000$ for 2019 year. And now I know I am above limit. So I am going to recharacterize that to a brand new traditional IRA as after tax money. The intent then is to backdoor Roth IRA it through conversion. Now, the 6000 has become about 6900 as of today (it was about 6700 on dec 31 2019). My intuition says that I would have to pay tax on the 700$ with my 2019 returns and pay 200 on 2020 return. But because vanguard will not send me any forms till 2021 I won’t know.
I am sure I am not the first one running into this. So any help or existing link would help me a ton.
