Re: I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the exc...

I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?

posted

Recharacterizing and converting are not the same thing. Recharacterizing to a Roth means you are subjected to the same limits as if you would have done the contribution directly to the Roth in the first place.

You now have an excess contribution.

Can you recharacterize again to put it back ? ask the custodian.

Meanwhile, File a 4868 request for extention of time now.

This gives you until Oct 15th 2025 to straighten this out and report correctly.

@xhxu

Backdoor Roth IRA 2024 - Turbotax is taxing the entire amount of the conversion (which is incorrect - the conversion amount is the same amount as the basis from the non-deductible IRA that I am converting to Roth.

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I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?

I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?

I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?

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I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?

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I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?

I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?

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