Did you show the recharacterization on your 2023 return? If you show the contribution on your return you will not need to amend the return. TurboTax is just providing information that the contributions should have been entered there. You should have followed these steps in 2023:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Traditional IRA”
- Answer ‘Yes” on the “Traditional IRA Contribution” screen
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the contribution amount
- Answer “Yes” to the recharacterized question on the “Switch from a Traditional To a Roth IRA?” screen and enter the contribution amount (no earnings or losses) on the next screen.
- TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
If you did not report the recharacterization in 2023 you will amend the return by following these steps:
- You must first wait until the initial return is completely processed.
- You will have to use the same TurboTax account that you used for the original tax return.
- Once you begin your amendment, you'll see your original return.
- The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
- Only make changes to the areas of your return that need to be corrected.
- You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
Select your product below and follow the instructions.
Amend TurboTax Online
Amend TurboTax CD/Download
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