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Additional Posts in SALT - State and Local Tax
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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.
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?
Yes but instead of 2021 gains, it’s nia to be more specific. https://en.m.wikipedia.org/wiki/Net_income_attributable
You will then have two accounts which is an intermediate step if you back door (convert) the new trad account to the Roth again.