I made a contribution to my Roth IRA in 2023 and later found out as I did my taxes this year in 2024 that I was over the income AGI, so then I recharacterized the Roth contribution to my traditional IRA. My question is, I mis-calculated the earnings and put the wrong number on the Explanation statement about the recharacterization. Do I need to amend my tax return to put the correct number for the earnings on the Explanation statement?
If it helps any, I had thought the earnings were only $1 and they turned out to be $920, so it was a big difference.
#recharacterization #explanation #earnings
Thank you!
