I typically do a Roth backdoor investment but accidentally contributed to Roth directly for Tax year 2022, I realized this in February 2023 and did a recharacterization via Fidelity. Then followed to convert the traditional IRA to Roth for the backdoor.
Am I allowed to do $6000 contribution for the year 2023 again for doing a backdoor this year?
Roth Recharacterization and contribution
Re: Roth Recharacterization and contribution
pulsar, welcome to the forum.
Yes, conversion amounts do not affect contribution limits.
You made a 2022 contribution. You may make a 2023 contribution.
Yes, conversion amounts do not affect contribution limits.
You made a 2022 contribution. You may make a 2023 contribution.
Re: Roth Recharacterization and contribution
+1 above
Plus the contribution limit starting in 2023 is $6,500 (or $7,500 if you are over 50).
Plus the contribution limit starting in 2023 is $6,500 (or $7,500 if you are over 50).
A dollar in Roth is worth more than a dollar in a taxable account. A dollar in taxable is worth more than a dollar in a tax-deferred account.
Re: Roth Recharacterization and contribution
Thank you guys, this forum is a treasure trove of info. Appreciate the help