DanaB27
Employee Tax Expert

Deductions & credits

You will need to check with you financial institution or check the account once they moved the funds from the Roth IRA to traditional IRA what the gains or losses were. If more than your contribution got transferred then you have a gain, if less then you have loss. 

 

For example, if you contributed $6,500 but transferred $6,700 then you would enter on the explanation statement that the original $6,500 plus $200 earnings were recharacterized.

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