You will need to request a recharacterization with your bank by the due date of your return. They will move the contribution and earnings into a traditional IRA. There is no tax or penalty on the earnings since the earning will be simply switched into the recharacterized account. You will receive a 1099-R for the recharacterization.
Please follow these steps to enter your contribution:
- Login to your TurboTax Account
- Click on the Search box on the top and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Answer "yes" to "Switch from a Roth To a Traditional IRA?".
- The $6,000 of the original Roth contribution must be entered - not any earnings or losses.
- Then TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
