I have been making yearly Roth IRA contributions throughout residency. This past fall, I finally started work as an attending physician. My problem is that that I have already contributed my full $5500 early on in 2015, and I realized only after the new year passed that I exceeded the income limits for a standard Roth. I'm trying to avoid the penalty, so my question is if I can recharacterize these funds as a backdoor Roth for 2015? If so, should I take any additional steps aside from the what I normally would do for a backdoor Roth (transfer $ into traditional IRA, wait a day, then back into the Roth account)?
Thanks
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