@bmo742 wrote:
Since I recharacterized the Roth to a traditional IRA in February of 2025, should I wait to report this on my 2025 taxes or report it on my 2024 tax return, as I was planning to do as I contributed to the Roth throughout 2024. I also recharacterized one January 2025 payment which I was planning on counting towards my 2024 contributions.
Thanks for all your help.
You can't recharacterize an entire Roth IRA to a traditional IRA, you can only recharacterize contributions that were made in the last year.
If you made a contribution for tax year 2024, and then recharacterized it as a traditional IRA contribution, you report both the contribution and the recharacterization on your 2024 return, even if the contribution, or recharacterization, or both, happened in 2025. It depends on the year for which the contribution was made. If you made a contribution for tax year 2025, and then recharacterized it as a traditional IRA contribution, you report both the contribution and the recharacterization on your 2025 return.
