Hello!
Thank you for your response! Greatly appreciate it.
In terms of recharacterization:
- I've recharacterized all contributions made for 2022 that I thought would be in excess, going off of the amount amount I was charged. I did the process through vanguard, which I believe also recharacterizes earnings.
- I've done the same for ALL of the contributions for 2023, since if I had a penalty for my 2022 contributions then for sure I no longer qualify to make ANY contributions for 2023.
- I moved it all to a *new* Traditional IRA
If I understand correctly, I need to file two forms:
- Form 1040X
- Form 5329 (??) unsure if I need to file this, or this happens automatically through filing the 1040X...
A few follow-up questions:
- The deadline to file these is October 15th, correct? I believe 1040X can be filed via TurboTax. I am not sure if this applies to Form 5329
- For reporting 1040X, on Turbo, I just need to *add* the contributions made into the Traditional IRA correct? I do not need to change anything regarding the Roth IRA?
Thank you so much for the insight!
