Hi @DanaB27
I've just started a Recharacterization process from my Fidelity Roth IRA account to a Traditional IRA account (opened today just for this purpose) as I've made an excess Roth IRA contribution in 2025 (well above the MAGI limit). I don't have any other IRA accounts....The eventual goal is to do a Backdoor Conversion of the entire amount from the Trad IRA to the Roth IRA once the fund settles, thus leaving the balance of the Trad IRA account as $0.
I plan to follow the steps mentioned in these two posts while filing my taxes in Turbo Tax for the year 2025, exactly in this order once my Backdoor Conversion process is completed:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-income/recharacterize-roth-ir...
https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-...
The email that I've received from Fidelity after submitting my Recharacterization request includes a Note that says - The amount of the recharacterization reported on your next statement and your Fidelity issued tax forms may be slightly different than this calculation due to intra-day price fluctuations of the securities recharacterized.
Here, I must mention that I did the Recharacterization in-kind by moving my Shares from my Roth IRA to the Trad IRA account, instead of cash.
Will it be a problem if I go by the numbers mentioned in today's email to file my taxes but if the numbers are slightly different when I get the 1099-R next year? Is that a red flag?
My plan is to report the recharacterization as well as the backdoor conversion on my 2025 tax return following the above two links...will you recommend against it or is this the right approach?
