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Retirement tax questions
To clarify, for the 2022 excess you requested the withdrawal of excess contribution plus earnings and you reported the earnings on your 2022 return. You should have gotten a 2023 Form 1099-R with codes P and J.
And in 2023 you made a Roth IRA contribution that you recharacterized as Traditional IRA contribution in 2023 and then converted it to the Roth IRA in 2024?
You will enter the recharacterization when you enter the contribution to the Roth IRA for 2023 on your 2023 return:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Answer ‘Yes” on the “Roth IRA Contribution” screen
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the Roth contribution amount
- Answer “Yes” to the recharacterized question on the “Switch from a Roth To a Traditional IRA?” screen and enter the contribution amount (no earnings or losses) on the next screen.
- TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
- On the screen "Choose Not to Deduct IRA Contributions" answer "Yes" if you are thinking about doing a backdoor Roth. Otherwise select "No". (If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible)
Please see What are IRA conversions and recharacterizations? for additional information.
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April 7, 2025
1:38 PM