Do I file a Form 8606 along with a 1040-X when I recharacterize my 2023 traditional IRA contribution to a Roth contribution if there is no nondeductible IRA contribution or do I only file the 1040-X with an explanatory statement.
You'll need to sign in or create an account to connect with an expert.
With no previously reported nondeductible traditional IRA contribution, there is no change to any previously filed Form 8606 for that year, so only the Form 1040-X with explanation would be filed showing the change in AGI resulting from the removal of the deduction for the original traditional IRA contribution. Roth IRA contributions are not reported on Form 8606.
Please check back later. I will page @dmertz.
With no previously reported nondeductible traditional IRA contribution, there is no change to any previously filed Form 8606 for that year, so only the Form 1040-X with explanation would be filed showing the change in AGI resulting from the removal of the deduction for the original traditional IRA contribution. Roth IRA contributions are not reported on Form 8606.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mbtn
New Member
B-GBPEC
Level 1
nwhite2397
New Member
Alex3
Level 2
Romper
Level 5
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.