To clarify, do you mean excess contribution the the Roth IRA because of your modified adjusted gross income (MAGI) is too high and you want to recharacterize it to a traditional IRA? Then yes, it would be good to wait until you recharacterized the amount before filing so you can enter all the correct information.
If you have a excess contribution to the Roth IRA then you can recharacterize it as a traditional IRA contribution, make it nondeductible and then later convert it to a Roth IRA.
If you choose to recharacterize the contribution then you will have to tell your bank this before the due date.
You will enter the recharacterization when you enter the contribution to the Roth IRA
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the Roth contribution amount
- Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount (no earnings or losses)
- TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
- On the screen "Choose Not to Deduct IRA Contributions" answer "Yes" (if you plan to convert it to a Roth IRA).
If this does not answer your question then please provide more details.
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