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Roth IRA recharacterize
I have a rollover IRA account that I rollover 401K from the previous company. I contributed to Roth IRA 2023. Now, I want to recharacterize Roth IRA to rollover IRA account, so I can get the tax deduction - traditional IRA 2023. I plan to convert it back to Roth IRA in 2025 or 2026 when my income will drop. Will I be allowed to convert back to Roth IRA? My friend told me if I recharacterize Roth IRA to IRA, I should select "Yes" to "Choose Not to Deduct IRA Contributions" in TurboTax if I plan to convert back to Roth IRA. If I select "Yes" that means I don't get the tax deduction this year. If I select "No" to "Choose Not to Deduct IRA Contributions", then I can get the tax deduction 2023. Does it mean if I select "No" then I can't convert back to Roth IRA in the future? I'm confused. Thanks.
‎April 3, 2024
7:58 PM