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Retirement tax questions
The alternative is to recharacterize the excess Roth IRA contribution to be a traditional IRA contribution instead, either deductible or nondeductible depending on whether you or your spouse is covered by a workplace retirement plan. The earnings will accompany the excess moved to the traditional IRA, resulting in no taxable distribution of the earnings and no need for an iterative calculation loop.
‎December 23, 2020
1:18 PM