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.
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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?
posted
3 weeks ago
last updated
April 09, 20256:15 PM
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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 ?