Hello -
I am dealing with the following situation and want to be sure this is handled correctly on our 2023 tax return.
In December 2023, my wife inadvertently contributed $X amount to her Roth IRA, not realizing our income limit was too high. Subsequently, in January 2024, we recharacterized this contribution to be a Traditional IRA contribution instead, and then immediately (in January 2024) converted the amount to a Roth.
Given the accidental Roth contribution occurred in 2023 and the recharacterization and conversion occurred in 2024, we want to be sure we’re inputting this information correctly. Please let us know the appropriate steps.
