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meeemo
New Member

I over contributed to a roth IRA and in 2018. I recharacterized to tira in march 2019. How do I account for this in turbo tax. Do i fill out Roth & traditional sections

what should the 8606 form look like?

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4 Replies

I over contributed to a roth IRA and in 2018. I recharacterized to tira in march 2019. How do I account for this in turbo tax. Do i fill out Roth & traditional sections


The proper way to report the recharacterization and earnings which is to enter the 2017 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.

There will only be a 8606 if the contribution  is not deductible or you choose not to deduct it then it would be on line 1, 3 and 14.



**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.**
meeemo
New Member

I over contributed to a roth IRA and in 2018. I recharacterized to tira in march 2019. How do I account for this in turbo tax. Do i fill out Roth & traditional sections

Thanks for your response!
So I when to click next to the accounts I contributed to, should i click both roth IRA AND traditional IRA? OR when I say i recharacterized the roth does that take care of the traditional portion.

I over contributed to a roth IRA and in 2018. I recharacterized to tira in march 2019. How do I account for this in turbo tax. Do i fill out Roth & traditional sections

Just the Roth.
**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.**
meeemo
New Member

I over contributed to a roth IRA and in 2018. I recharacterized to tira in march 2019. How do I account for this in turbo tax. Do i fill out Roth & traditional sections

Thank you!
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