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Recharacterization, do I need to amend 2022 tax?


I originally contributed to my roth IRA but after going through Turbo Tax, I was alerted I did not qualify for the full amount.  I tried to recharacterize the amount myself, not knowing I had to go through Fidelity to do all this, so I put the $6000 in my traditional thinking I could do a backdoor roth IRA then transferred to roth IRA.   I ended up confusing myself and just decided to transfer the $6000 to my individual account and nothing to my IRA accounts.  I reported on my taxes I did not contribute to any IRAs.  Do I need to amend my taxes or am I ok?  On Fidelity's end, I have rectified any issues, just wasn't sure if I needed to amend my taxes.

2 Replies

Recharacterization, do I need to amend 2022 tax?

On Fidelity's end,  their actions on behalf of your rectification will determine what tax document you will receive in January.

We can't tell what Fidelity did if you can't either.



Level 15

Recharacterization, do I need to amend 2022 tax?

I agree that it's not clear exactly what you did, but is sounds a lot like after you made a regular contribution to the Roth IRA for 2022 you made a regular distribution from the Roth IRA in 2023, not a return of the excess contribution before the due date of your 2022 tax return.  If so, you would still have an excess contribution for 2022 that would need to be reported on 2022 Form 5329 and the $360 excess-contribution penalty paid (unless you filed your 2022 tax return or requested a filing extension by April 18, 2023 and you obtain a proper return of excess contribution or recharacterization to a traditional IRA contribution by October 16, 2023).


(A regular Roth IRA distribution of $6,000 would correct the excess carried into 2023 from 2022, so the penalty would be eliminated on the 2023 Form 5329, assuming no proper return of the excess contribution or recharacterization before the due date, including extensions, of your 2022 tax return that would prevent the excess from carrying forward.)

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