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amylynnhanna
New Member

How do you enter info about Roth recharacterization in TurboTax for excess 2018 contributions?

 
1 Reply
macuser_22
Level 15

How do you enter info about Roth recharacterization in TurboTax for excess 2018 contributions?

If you recharactorized the Roth contribution to a Traditional IRA then:

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.

enter the 2018 IRA contribution in the IRA contribution interview section and then say yes to "Did you switch from a Roth to a Traditional IRA - recharacterize".

The amount The amount of the original Roth contribution must be entered - not any earnings or losses.

Then TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss)  were recharactorized.

There is no tax or penalty on the before-tax earnings since the earning were simply switched into the recharactorized account.


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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