Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
praasppn
Level 2

move contribution from traditional to roth within same year

1. I contributed early in 2019 to traditional IRA. Now I realized that my 2019 modified AGI is below the limit to invest in RothIRA. Since I have not yet filed tax for 2019, can I ask the custodian to open a new Roth IRA and move the re-designate the contribution from traditional to Roth ?

2. I have a similar question but for 2020 as above. I am pretty sure this is doable since it is still within the year. But any suggestions on what procedure to follow would be good. I guess, I can ask the custodian.

1 Best answer

Accepted Solutions
dmertz
Level 15

move contribution from traditional to roth within same year

1.  You have until the due date of your 2019 tax return to recharacterize a distribution made to your traditional IRA for 2019 to be a Roth IRA contribution for 2019 instead.  (Since you mention your 2019 MAGI as being below the limit for a Roth IRA contribution for 2019, I assume that the contribution made in early 2019 was for 2019, not for 2018).

 

2.  You have until the due date of your 2020 tax return, including extensions, to recharacterize your contribution made for 2020.

 

Custodians have special forms for requesting a recharacterization.  Follow the procedure dictated by the custodian.

View solution in original post

2 Replies
dmertz
Level 15

move contribution from traditional to roth within same year

1.  You have until the due date of your 2019 tax return to recharacterize a distribution made to your traditional IRA for 2019 to be a Roth IRA contribution for 2019 instead.  (Since you mention your 2019 MAGI as being below the limit for a Roth IRA contribution for 2019, I assume that the contribution made in early 2019 was for 2019, not for 2018).

 

2.  You have until the due date of your 2020 tax return, including extensions, to recharacterize your contribution made for 2020.

 

Custodians have special forms for requesting a recharacterization.  Follow the procedure dictated by the custodian.

praasppn
Level 2

move contribution from traditional to roth within same year

ok, understood, thanks.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~