macuser_22
Level 15
Level 15

Retirement tax questions

This is what I get with an AGI of $130,000 and a $6,000 Roth contribution. 

The first 3 screenshots are is the initial contribution and the remaining is the recharacterization of the excess.

 

Note, that it now tells me that my income is too high to *deduct* the new Traditional IRA contribution so it becomes a non-deductible "basis" on a 8606 form line 1,3 & 14 that will reduce tax on future distributors.  But there is no longer any excess Roth contribution.

 

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**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎May 22, 2020 12:51 PM
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