Hello Everyone,
I filed my taxes via Turbo, and when filing, I learned that I had excess contributions in my Roth IRA for 2022 because of my new MAGI. I paid the penalty. From this process, I realized that the contribution I had made for 2023 would also be excess if I left it there, though it wasn't affecting me during this filing period, since this penalty was just for my 2022 contributions.
After filing and digging for info, I decided to recharacterize the excess plus earnings of my 2022 Roth IRA contributions, into a traditional IRA to fix my 2023 tax file. My question is, what now? I paid my penalty during filing back in April, I've moved over the excess into a traditional IRA in July I believe (to be safe, I also recharacterized all of my contributions for my 2023 as well so I don't have to pay a penalty next time I file, in 2024).
Do I need to file a 1040X? Or just the 8060? What is confusing me is if I need to "correct" the RothIRA contribution piece or if I just need to report that I now have traditional IRa contributions. Any insight would be much appreciated! Thank you!
