DanaB27
Expert Alumni

Retirement tax questions

Can you clarify your question? You requested the withdrawal of the 2023 excess Roth IRA contribution in 2023 and therefore received a 2023 Form 1099-R with code 8J?

 

You state that you that recharacterized the $6500 Roth contribution and income to my traditional IRA. Did you request that with your financial institution? For what year was this contribution made for? Did you receive a Form 1099-R for this recharacterization?

 

If you have funds in the traditional IRA, then you can make a conversion, which means move it from traditional to Roth IRA. This would not be a new contribution. Generally, conversions are taxable unless you had a basis in the traditional IRA ( made nondeductible contributions). If you had any pre-tax funds and a basis in the your traditional IRA then pro-rata rule applies. This means that with each distribution/ conversion you will have a taxable and nontaxable part.  If you decide to make a conversion then this will be entered on your 2024 tax return since you are converting the funds in 2024.

 

Please see How do I enter a backdoor Roth IRA conversion? and How do I re-characterize a Roth IRA contribution as a traditional IRA contribution in TurboTax? for additional information.

 

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