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New Member
posted Apr 12, 2025 12:54:50 PM

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?

0 2 1074
2 Replies
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.

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.

 

@xhxu