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If I recharacterized $7000 Roth IRA into traditional IRA, do you treat the $7000 like it was never in Roth in the first place? i.e. it's now traditional IRA contribution?
I recharacterized $7000 of 2024 Roth IRA contributions into traditional IRA in Jan 2025. Other TurboTax responses have stated that if you recharacterize Roth funds, then you can treat it as a traditional contribution. However, in the "Tell us how much you contributed" section, it asks to enter total amount you put into a traditional IRA for 2024...but it also states to NOT enter Roth contributions "even if you later recharacterized into a traditional IRA" so I am confused if my $7000 Roth-to-traditional recharacterization counts as an actual traditional IRA contribution.
‎February 17, 2025
11:32 PM