I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?
021074
2 Replies
MindyB
Expert Alumni
Apr 12, 2025 12:59:26 PM
Recharacterizing and converting are not the same thing. Recharacterizing to a Roth means you are subjected to the same limits as if you would have done the contribution directly to the Roth in the first place.
fanfare
Level 15
Apr 12, 2025 8:33:02 PM
You now have an excess contribution.
Can you recharacterize again to put it back ? ask the custodian.
Meanwhile, File a 4868 request for extention of time now.
This gives you until Oct 15th 2025 to straighten this out and report correctly.