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Level 2
posted Apr 12, 2023 11:46:14 AM

Recharacterization from Roth IRA to Traditional IRA.

Just found out that the money my wife and I made for 2022 pushed us over the income limit for Roth IRA contributions.  Need help calculating the gain/loss for the contribution:

  • Contributed $6000 for 2022 (1 contribution of $5000 on Feb 2022 and 1 contribution of $1000 on May 2022)
  • Roth IRA account value on Feb 2022 before 1st contribution of $5000: $88000
  • Roth IRA account value now in the present: $87000

What would be the gain/loss for the contribution? 

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1 Replies
Expert Alumni
Apr 12, 2023 11:55:46 AM

The calculation of the gain/loss related to your contribution is not a straight-forward calculation.

 

Only your IRA custodian can provide you with this number.