I made too much in 2021 to contribute to a Roth IRA. I realized it after I filed taxes. Fidelity guy told me to recharacterize to a traditional for 2022 and that's it. I don't think that was entirely correct.
I think the following needs to get done:
-Recharacterize funds to a traditional for 2022
-Get a 1099 for 2022 taxes
-File an 8606 tax amendment form by October to amend my 2021 taxes.
Can you pros tell me if I'm on the right track or have any additional insight?
I think the following needs to get done:
-Recharacterize funds to a traditional for 2022
-Get a 1099 for 2022 taxes
-File an 8606 tax amendment form by October to amend my 2021 taxes.
Can you pros tell me if I'm on the right track or have any additional insight?