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Level 1
posted Jun 1, 2019 8:27:52 AM

Can we enter our 2018 traditional IRA contributions as ROTH contributions if we'll recharacterize them as such before 4/15/19? Our 2018 AGI is under the ROTH threshold.

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1 Best answer
Level 15
Jun 1, 2019 8:27:52 AM

No.  You enter the Traditional IRA contributions as Traditional IRA contributions and say in the interview that you "switched" to a Roth which is a recharacterization.   Enter an explanation statement.    The IRA custodian will report the recharacterization to the IRS and you must also report it.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR  Use the "Tools" menu  (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

1 Replies
Level 15
Jun 1, 2019 8:27:52 AM

No.  You enter the Traditional IRA contributions as Traditional IRA contributions and say in the interview that you "switched" to a Roth which is a recharacterization.   Enter an explanation statement.    The IRA custodian will report the recharacterization to the IRS and you must also report it.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR  Use the "Tools" menu  (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.