topic Thank you! in Retirement tax questions

I over contributed to a roth IRA and in 2018. I recharacterized to tira in march 2019. How do I account for this in turbo tax. Do i fill out Roth & traditional sections

meeemo — Tue, 04 Jun 2019 20:43:19 GMT

what should the 8606 form look like?

The proper way to report the recharacterization and earni...

macuser_22 — Tue, 04 Jun 2019 20:43:22 GMT

The proper way to report the recharacterization and earnings which is to enter the 2017 IRA contribution in the IRA contribution interview section and then say yes to "Did you switch from a Roth to a Traditional IRA - recharacterize".

The amount 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 recharactorized.

There is no tax or penalty on the before-tax earnings since the earning were simply switched into the recharactorized account.

There will only be a 8606 if the contribution is not deductible or you choose not to deduct it then it would be on line 1, 3 and 14.

Thanks for your response! So I when to click next to the...

meeemo — Tue, 04 Jun 2019 20:43:23 GMT

Thanks for your response!
So I when to click next to the accounts I contributed to, should i click both roth IRA AND traditional IRA? OR when I say i recharacterized the roth does that take care of the traditional portion.

Just the Roth.

macuser_22 — Tue, 04 Jun 2019 20:43:25 GMT

Just the Roth.

Thank you!

meeemo — Tue, 04 Jun 2019 20:43:26 GMT

Thank you!