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Recharacterization and conversion back to Roth IRA with gains/losses for year 2022/2023
In 2023 before April 14th 2023, I have recharacterized 2022 Roth IRA contribution and did the same for 2023 contribution. Realized that the income was high for contribution hence I was recommended to Recharacterize (Roth IRA to Traditional IRA) and then conversion to Roth IRA
For 2022, 5770.09 (on $6000 contribution) was recharacterized to Traditional IRA.
For 2023, $6909.17 (on $6500 contribution) was recharacterized to Traditional IRA.
This was later converted to Roth IRA. The original contribution was taxed already.
Do I have to amend 2022 for Recharacterization of $5770.09?
Does the $409 gains (from 2023) is excess amount contributed that should be withdrawn?
How do I correctly file this return correctly?
Topics:
‎April 4, 2024
10:00 AM