@choosybean wrote:
Thanks! I read something here about I need to calculate the gains/loss. I've actually lost the money bc the stock market but how do I calculate that? I read I need to tell my bank how much including the gains and loss to recharacterize.
When you tell the bank to recharactorize it, then the bank must calculate the earnings (or loss) and also transfer that to the other IRA. When you enter it in the IRA Contribution interview, the amount recharactorized must be the exact same amount as the original contribution, not counting any gain or loss. The gain (or loss) you account for in your explanation statement that TurboTax will ask for.
**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.**
