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Recharacterization to a traditional & back to Roth
In 2023 while doing 2022 taxes I realized I was over the income limit in the Roth IRA. I took out the money in March [before tax deadline] My financial advisor suggested I recharacterize the access into my traditional as a non-deductible contribution. In 2024 he put it back to my Roth but listed it as a normal distribution on the 1099R & I'm realizing I have to pay taxes again.
I did find out I need to amend the 2023 taxes to show the recharacterization but having issues with the financial institution changing the 1099. What should be in box 7 of the 1099R to avoid taxing after-tax money?
‎April 7, 2025
10:15 AM