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posted Apr 13, 2020 10:15:43 AM

Roth IR re-characterization getting error on worksheet

I had to re-characterize Roth IRA contributions, which I did through my financial advisor. Turbo tax said I had to be sure to include any gain/loss. Now when I fill in the re-characterization amount, it says it can't be higher than line 23 (the original contribution amount). How do I fix this error?

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1 Replies
Expert Alumni
Apr 13, 2020 11:29:25 AM

The amount of the original Roth contribution must be entered - not any earnings or losses.

 

Then TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss)  were recharacterized.
 

Click this link for more info on How to Enter a Roth Recharacterization.