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Returning Member
posted Jan 30, 2025 11:46:35 AM

Recharacterized IRA contribution and future basis

In 2020 I had to recharacterize part of my Roth IRA contributions for 2019 and 2020 as Trad IRA, and then I converted them back to Roth IRA right away. When tracking IRA basis going forward, do I include those recharacterized contributions with my Roth IRA contributions?

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1 Replies
Expert Alumni
Feb 7, 2025 9:49:45 AM

In regards to your Roth IRA, the basis of conversions are tracked separately from your direct Roth IRA contributions. If you used TurboTax in the past, when you reported the conversion, then you will find the contribution basis and conversion basis on the IRA Information Worksheet.