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Recharacterizations of Roth conversions were made impermissible by the Tax Cuts and Jobs Act of 2017. You are stuck with the tax consequences of the Roth conversion.
Only a portion of your basis in nondeductible traditional IRA contributions will be applied to this Roth conversion reportable on your 2023 tax return. The rest of your basis will remain with your traditional IRAs to be applied to future distributions from your traditional IRAs until you have no more funds in traditional IRAs at year end.
Recharacterizations of Roth conversions were made impermissible by the Tax Cuts and Jobs Act of 2017. You are stuck with the tax consequences of the Roth conversion.
Only a portion of your basis in nondeductible traditional IRA contributions will be applied to this Roth conversion reportable on your 2023 tax return. The rest of your basis will remain with your traditional IRAs to be applied to future distributions from your traditional IRAs until you have no more funds in traditional IRAs at year end.
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