Roth Recharacterization Cluster

Forum|Forum|3 years ago
February 10, 2023
1 reply
4 views

Not A Product Question

RobertB4444

Level 15

To start with, I highly recommend that you go see a tax professional to work on this. Amending all of these returns properly is a time consuming and expensive process and a tax professional can help. They can also negotiate a settlement with the IRS for what amounts to an error from six years ago.

I also think you should be discussing this issue with Fidelity.

If you insist on doing this yourself then you need to follow all the steps you laid out. And TurboTax can only help you as far back as 2019.

@Saschelk

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fanfare

Level 15

since it is long after the tax filing deadline, if you do decide to take out the amount of an excess contribution, you can leave the earnings in the Roth IRA

fanfare

Level 15

you cannot do a rollover from tIRA to Roth IRA

you could report this as a conversion in 2017 and pay the 2017 tax.

how much are we talking about? more than the IRA contribution limit?

if you were eligible but did not make IRA contributions in those following years, that amount reduces the excess contribution year by year (after amending)