Maxed out Roth IRA contributions when I wasn't eligible for 2021 (got a salary bump mid year). Do I need to recharacterize? It's a very small account that's been open for only two years. That's the only IRA account I own. Do I need to open a traditional IRA and roll over 6k + realized gains into that account and keep the Roth IRA. So confused how this works and got conflicting information from Merrill.

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So excess contribution needs to be addressed with either a recharacterization or a withdrawal of the excess.

Many will then backdoor their recharacterization to a Roth.

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Thank you for the response. I was looking into the recharacterization form. Do I just recharacterize the $6,000+ whatever gains for the 2021 year and move to traditional IRA and keep the remaining amount in my Roth IRA. Meaning I will have 2 IRA accounts going forward?

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