FangxiaL
Expert Alumni

Get your taxes done using TurboTax

Yes, you can do this and you should not be taxed on the contributions because you did not and will not take the deductions. 

For the 2021 tax return, you made a $6k contribution to the traditional IRA (Roth IRA recharacterized to traditional IRA), and you can contribute $6 to your traditional IRA for the tax year 2022. You will enter on your 2022 tax return the $6k as a contribution to your IRA. Convert the traditional IRA to Roth IRA before you invest the fund(in the near future), you will receive a 1099-R form early next year and enter the form on your 2022 tax return. If you don't take the deduction of $6000 on your 2022 tax return, it should be a non-taxable event unless there are any earnings between now and the time you convert. 

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