DanaB27
Expert Alumni

Retirement tax questions

No, you cannot undo a conversion.

 

You will need to amend your 2022 tax return to report the traditional IRA contribution and you can make it nondeductible. TurboTax will fill out Form 8606 with a basis on line 14 which will be entered on your 2023 return when you enter your conversion. Please see How do I enter a backdoor Roth IRA conversion? 

 

If you do not have any pre-tax funds in your traditional/SEP/SIMPLE IRAs then you will be able to convert the contribution tax-free. If you have pre-tax and after-tax contribution mixed in the traditional IRA then the pro-rata rule applies. This means that with each distribution/ conversion you will have a taxable and nontaxable part. 

 

 

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