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loohoo100
New Member

I selected recharacterize instead of conversion on 2023 taxes and it is showing up as an excess contribution for 2024. I converted the whole amount to a Roth.

I contributed $7501 to a traditional IRA and converted all of it to a Roth IRA in 2023.  I accidentally selected recharacterize instead of convert last year and the amount is showing up on my 2024 taxes as an excess contribution to a traditional from the previous year.  How do I complete the back door Roth correctly this year and fix 2023 to be the same?

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1 Reply

I selected recharacterize instead of conversion on 2023 taxes and it is showing up as an excess contribution for 2024. I converted the whole amount to a Roth.

" I accidentally selected recharacterize instead of convert "

 

Clarify.

Did you give the custodian the wrong instruction,

or did you tell TurboTax incorrectly about your action ?

 

"I contributed $7501 to a traditional IRA "

For what year?

 

@loohoo100 

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