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Retirement tax questions
Yes, if you want your traditional IRA contribution to be nondeductible because you are doing a backdoor Roth then the message that your income is too high to deduct your IRA is fine.
You can verify during the IRA contribution interview if you entered a recharacterization with these steps:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the contribution amount
- Check if you answered “Yes” to the recharacterized question on the “Switch from a Traditional IRA To a Roth IRA?” screen and enter the contribution amount (no earnings or losses) on the next "Tell us how much you transferred screen" screen.
But you should have gotten the explanation for a recharacterization statement right there.
Did you enter any other Form 1099-R?
If you can't figure out why you getting the recharacterization explanation after entering your Form 1099-R then it would be helpful to have a TurboTax ".tax2022" file that is experiencing this issue. You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions for TurboTax Online:
- From the left menu select Tax Tools.
- Then select Tools below Tax Tools.
- A window will pop up which says Tools Center.
- On this screen, select Share my file with Agent.
- You will see a message explaining what the diagnostic copy is. Click okay through this screen and then you will get a Token number.
- Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.
The instructions for TurboTax Download:
- On your menu bar at the very top, click "Online"
- Select "Send Tax File to Agent"
- Click "Send"
- The pop-up will have a token number
- Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.
We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.
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