Personal Finance (Not Investing) • IRA Confusion

I made my 2023 contribution to my Roth IRA before I realized that my MAGI was going to be over the limit for making Roth contributions. I know that I need to get that money out of the Roth and into a tIRA before I file my taxes to prevent paying the penalty. However, looking at the terms on my brokerage (Etrade), I can't tell whether I need to request an "excess contribution removal" or a "recharacterization" which states that it reclassifies my Roth contribution to a tIRA.

Also, after I do the above, I assume I can do the backdoor Roth with the same funds?

Thanks in advance for any help!

Statistics: Posted by avidelta — Thu Feb 01, 2024 8:55 pm — Replies 0 — Views 98

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