had to eliminate spaces to fit in. Here is the full question:
I took $30000 from a qualified IRA and put it into a Roth. I know this created a taxable event but can I reverse this before I file my 2018 or is that transaction irreversible?You'll need to sign in or create an account to connect with an expert.
As a result of the Tax Cuts and Jobs Act, the transaction cannot be reversed by recharacterization of the Roth IRA.
Please take a look at the following FAQ from the IRS for more information: https://www.irs.gov/retirement-plans/ira-faqs-recharacterization-of-ira-contributions
As a result of the Tax Cuts and Jobs Act, the transaction cannot be reversed by recharacterization of the Roth IRA.
Please take a look at the following FAQ from the IRS for more information: https://www.irs.gov/retirement-plans/ira-faqs-recharacterization-of-ira-contributions
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
evanku
Level 2
BillyTheDutch
Level 2
SelfTaxPreper
Returning Member
SL12345
Returning Member
jeepmanee
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.