Hi all,
I contributed to my Roth IRA in 2024 without realizing I would not be eligible when Married Filing Separately.
I ended up recharacterizing this money to a Traditional IRA in early 2025.
Because it was done before tax day, is this a reportable recharacterization? Or would it be treated as if the money was always in the Traditional IRA?
I then did a backdoor Roth conversion in 2025 for 2024 but waiting for my 1099-R to come next year to report the conversion.
Thank you in advance
recharacterization: the original amount to the first IRA you report as contribution to the second IRA, earnings move but that is ignored.
You must use a trustee-to-trustee transfer before the due date April 15,2025 ( or Oct 15, 2025 if 1040 was timely filed or extended).
You will instruct trustee to calculate the allocable earnings.
report this on your tax return for the year during which the contribution was made.
Treat the contribution as having been made to the second IRA on the date that it was actually made to the first IRA.
@JYM89
to report a non-deductible contribution, Form 8606 must be attached.
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