cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

In Jan 2019, I contributed $6500 to 2018 Roth. In Feb 2019, I recharacterized $2100 to Traditional. How much do I enter for Traditional, Roth, and $34.63 earnings.

Do I show $0 contribution for Traditional IRA, then enter $6500 for Roth and then show that $2100 was recharacterized.  Does the $34.63 in related earnings go only in the statement or is it included in the amount for the Traditional or Roth IRA?

1 Best answer

Accepted Solutions
Level 20

In Jan 2019, I contributed $6500 to 2018 Roth. In Feb 2019, I recharacterized $2100 to Traditional. How much do I enter for Traditional, Roth, and $34.63 earnings.

"Do I show $0 contribution for Traditional IRA, then enter $6500 for Roth and then show that $2100 was recharacterized."

Yes, that's exactly how to enter it.  TurboTax will prompt you to enter an explanation describing the recharacterization where you'll indicate that you recharacterized $2,100 of your original $6,500 Roth IRA contribution and that a gain-adjusted amount of $2,134.63 was transferred to the traditional IRA.  Your tax return will show a $2,100 traditional IRA contribution, either deductible on Schedule 1 line 32 or nondeductible on Form 8606 line 1.

2 Replies
Level 20

In Jan 2019, I contributed $6500 to 2018 Roth. In Feb 2019, I recharacterized $2100 to Traditional. How much do I enter for Traditional, Roth, and $34.63 earnings.

"Do I show $0 contribution for Traditional IRA, then enter $6500 for Roth and then show that $2100 was recharacterized."

Yes, that's exactly how to enter it.  TurboTax will prompt you to enter an explanation describing the recharacterization where you'll indicate that you recharacterized $2,100 of your original $6,500 Roth IRA contribution and that a gain-adjusted amount of $2,134.63 was transferred to the traditional IRA.  Your tax return will show a $2,100 traditional IRA contribution, either deductible on Schedule 1 line 32 or nondeductible on Form 8606 line 1.

Level 1

In Jan 2019, I contributed $6500 to 2018 Roth. In Feb 2019, I recharacterized $2100 to Traditional. How much do I enter for Traditional, Roth, and $34.63 earnings.

Thank you so much.  This answer would probably help others.  That's exactly what I needed so that there is an example to go by.  Appreciate your help.