KeshaH
Expert Alumni

Get your taxes done using TurboTax

Based on the screenshots provided, you properly reported your 2023 contribution to the Roth IRA and subsequent recharacterization. There's no need to amend your 2023 return. Since you only contributed $7,500 to the Roth IRA, you wouldn't have an excess contribution. Amounts that are deposited into your IRA due to a recharacterization or a conversion are not subject to contribution limits.

 

Since you already reported the recharacterization on your 2023 tax return, you will only need to report the conversion on your 2024 tax return.