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IRA: Recharacterized Value Greater than Contribution
Hello!
I am having a bit of a problem reconciling this problem within TurboTax. In 2022, I received an unexpected bonus and realized I would exceed the MAGI for contributing to a Roth IRA.
I originally contributed $1,500. By the time I made the recharacterization to a Trad IRA later on, it had grown to $1,507. I have made the $7 withdrawal per TurboTax instructions, but I am unable to E-File due to the error on the "IRA Contributions Worksheet" as Line 22 "Recharacterizations" is greater than Line 19 "Contributions". Can I remedy this within TurboTax software or must I file by mail?
Thank You!
Topics:
‎February 12, 2023
9:25 AM