Back door Roth
Hi, due to too much income, I will not be able to contribute to my Roth IRA. But I already made 1K contribution in it for 2023. I want to stop it and prep for a Back door Roth IRA. So what can I do to my current 1K in a Roth? Do I just just leave it in there and at year end do a Traditional IRA recharacterization, or is there a way I can withdraw it or convert it mid year and achieve the same result? I already have a Traditional IRA because I had to do a recharacterization for 2022, and parked all my contributions to Roth minus the Net Income. Can I contribute into that IRA, or do I need to start a new Traditional IRA for the back door strategy? Thanks.
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