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Level 2
March 2, 2023
Question

Roth IRA recharacterization with loss

  • March 2, 2023
  • 9 replies
  • 25 views

I overcontributed $583 to a Roth IRA due to income limits in 2022.  In Dec 2022 I recharacterized the $583 to a traditional IRA at a loss.  The amount transferred was $550.  The 1099R from vanguard shows $550 with a code of "N".  

 

Is there anyplace in turbotax besides the reporting of the 1099R where I would report the transferred amount of $550? 

 

It seems like all the forum post refer to reporting $583 in all the relevant  questions asked in the Q/A section.  When I review the forms section, the IRA worksheet,  IRA dist-T, IRA contribution wks, and the IRA info wks all show $583.

 

Thank you for any thoughts and advice.

 

    9 replies

    fanfare
    Level 15
    March 2, 2023

    enter the 550 from 1099-R .

    fanfare
    Level 15
    March 2, 2023

    @Heiterman 

    I corrected the answer above.

    fanfare
    Level 15
    March 2, 2023

    you have a $550 IRA contribution which is either deductible or not deductible based on your situation.

    You can elect to make it non-deductible.

    @Heiterman