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Get your taxes done using TurboTax
Unfortunately, recharacterizations (changing your mind) of conversions are no longer allowed.
The issue is that your traditional IRA account wasn't empty when you made the contribution and the value of your traditional IRA/SEP/Simple IRAs on December 31 was more than $0. Therefore, the pro-rata rule applies and only a small amount is nontaxable and the rest of the basis is carried forward to future years. Unfortunately, you cannot just pick to move the after-tax funds to the Roth IRA.
For the future, if you have a 401k plan that accepts rollovers from an IRA you could roll over the funds to the 401k. Since you can only rollover pre-tax funds to a 401k, this would leave the basis in the traditional IRA. Then you could make a clean backdoor Roth in the future.
[Edited 3/20/2022 | 7:34am PST]
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