Roth IRA recharacterized money not counted correctly

Forum|Forum|7 years ago
June 1, 2019
1 reply
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I don't understand how the 'IRA Contribution Results' page calculated its numbers. It seems to be double-counting the recharacterized dollars.
The situation:
2016 Roth contributions = $4000
Amount to recharacterize = $1020
2016 Trad. contributions = $123

TurboTax reports:
Traditional IRA contributions $1,143
Roth IRA contributions $1,960
Total contributions $3,103

This doesn't make sense to me. I contributed $4,123, so shouldn't I see that as the total amount of contrilbution?

TurboTax Deluxe Online

Best answer by dmertz

When entering the Roth IRA contribution, make sure that you enter $4,000 as your Roth IRA contribution and then in the follow-up indicate that you recharacterized $1,020 of that. The result that you are seeing suggests that you entered only the $2,980 of net Roth IRA contributions rather than $4,000 that you should have.

dmertzAnswer

Level 15

nealnye28Author

Level 2

Thanks for the quick reply. Actually I did exactly as you suggested, putting $4000 as the Roth IRA contribution and then putting $1020 on the next page when it asks about re-characterization. That's why I'm confused about the final result. Is there a way to clear out existing data and starting over for a particular section?