{ "media_type": "text", "post_content": "Started a new role and ended up making more $ last year than what is allowed for roth ira contributions (although i’ve already contributed the full amount to my account)\n\nassuming the best path here (before filing taxes) is 1) call vanguard and ask to recharacterize all my contributions last year into a traditional ira 2) convert that traditional ira into a roth 3) start contributing this year to traditional and repeat back door process. Correct thinking?", "post_id": "61e5e18394cc76002c61d660", "reply_count": 2, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Started a new role and ended up making more $ last year than what is allowed for roth ira contributions (although i’ve already contributed the full amount to my account) assuming the best path here (before filing taxes) is 1) call vanguard and ask to recharacterize all my contributions last year into a traditional ira 2) convert that traditional ira into a roth 3) start contributing this year to traditional and repeat back door process. Correct thinking?

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Curious, how are any gains such as dividends or cap gains from that last year factored into this?

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