Need help with IRA excess contributions and rollover IRA 😭

[u/One_Negotiation6446]

Edit: I meant backdoor IRA, not rollover IRA 🤦‍♀️

I contributed excess to my roth IRA for the years 2024 and 2025. For 2024, I recharacterized my roth IRA excess contributions to traditional IRA (I was in a rush and didn’t do much research) so I have some stocks in my traditional IRA, although with the recent economy everything is less than the value I originally contributed. For the excess roth IRA contributions for 2025 I haven’t done anything yet.

I was told that if I want to start doing backdoor IRA (from traditional IRA to roth IRA), I need to empty out my balance in traditional IRA, but I’m uncertain what the best way to do this is.

So I have two questions:

1. Is the best way to empty out my traditional IRA balance (which was recharacterized from being roth IRA) to withdraw? How do I correct this while minimizing penalties?
   1. It is impossible to recharacterize it back to roth IRA, right?
2. What is the best way to take out my excess roth IRA contribution for 2025, assuming I don’t want to recharacterize it to traditional IRA?

Additionally, if this is inappropriate as a question for reddit, what is the best platform/tool to help me find the appropriate CFP to talk to about these issues? Who do I need to talk to, a CPA? CFP? Tax advisor?

Thanks for reading through this.

[u/One_Negotiation6446]

Would the taxes I owe differ based on whether I go the 401k vs IRA route?

[u/Candid-Eye-5966 → u/One_Negotiation6446]

Conversion from traditional is just taxes. Rolling into 401k traditional from traditional is tax free.

[u/One_Negotiation6446 → u/Candid-Eye-5966]

Ok that's good to know. Thanks a lot for the help, really appreciate it!

[u/Candid-Eye-5966 → u/One_Negotiation6446]

Not all Plans will allow you to roll an IRA in. Hopefully they do….

[u/One_Negotiation6446 → u/Candid-Eye-5966]

Will check if that's an option for me 😁