@rgordon93 wrote:
I use Schwab for my RothIRA. They would not allow me to re-characterize my 2018 contribution to a following year. I was able to contribute in 2019,2020, and 2021. I did not make the max contribution in 2019 or 2020 but did make the max contribution for 2021. I did not report the access contribution to my 2018 tax return. I have not cashed the check for the $395, should I cancel this and ask for the full $500 from 2018?
I don't think you understand what a recharacterization is. It is treating the Roth contribution as if it did not exist and was a Traditional IRA contribution instead. That must be done before the due date of the tax return.
If yu have an excess contribution then rather than removing it you can apply it a later years contribution if you qualify which it the same as removing it and then using the return money for a new contribution. Schwab does not do that, you do on your tax return by telling the IRS that the excess was applied to a later year. That is done in the IRA contribution interview.
**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.**
