topic How do I report a recent recharacterization of a roth ira contribution from march 2023 (that was counted towards our 2022 taxes)? in Retirement tax questions

How do I report a recent recharacterization of a roth ira contribution from march 2023 (that was counted towards our 2022 taxes)?

emailformjs — Wed, 11 Feb 2026 10:45:07 GMT

Our joint income in 2022 and 2023 was too great to allow for roth ira contributions. We paid the 6% penalty in our 2022 taxes then forgot about the issue until recently. We recharacterized the contribution to a traditional IRA recently. How do I report the recharacterization in our 2023 taxes that are due on October 15th?

Re: How do I report a recent recharacterization of a roth ira contribution from march 2023 (that was counted towards our 2022 taxes)?

Anonymous_ — Fri, 20 Dec 2024 02:39:32 GMT

Re: How do I report a recent recharacterization of a roth ira contribution from march 2023 (that was counted towards our 2022 taxes)?

emailformjs — Mon, 14 Oct 2024 20:28:28 GMT

Thank you, I will check back later.

Re: How do I report a recent recharacterization of a roth ira contribution from march 2023 (that was counted towards our 2022 taxes)?

dmertz — Tue, 15 Oct 2024 01:06:09 GMT

An excess Roth IRA contribution made in 2022 is not permitted to be recharacterized in 2024.

The only thing that I can see that could potentially be done in 2024 to correct the excess Roth IRA contribution from 2022 and move the money to a traditional IRA is to take a regular distribution equal to the amount of the excess Roth contribution and use that cash as you would any cash to make a regular traditional IRA contribution independent of the Roth IRA distribution. However, this would not eliminate the excess and 6% penalty for 2023. It would only eliminate the excess and penalty for 2024 and beyond.