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MonicaL2
Returning Member

2x Roth Conversion on Same Money ( with with Recharacterization in between)

I made horrible mistake last year due to my carelessness:

 

The SAME 6K of contribution was moved around:

IRA--->RothIRA-->IRA-->RothIRA.

 

1. Contributed to traditional IRA 6k  (Jan)

2. Backdoor conversion to Roth IRA. Yay. (since I was  beyond Roth income limit) (Jan)

3. FORGOT I did that! Scatterbrained.

4. Surprised to find that  6k in my Roth IRA & thought I made a DIRECT contribution into Roth. Freaked out due to income limit.  Recharacterized same 6K to traditional IRA (Mar)

5. Did a second conversion of that same 6K money from IRA to Roth (Mar)

 

Now I have 2 conversions and 1 rechacterization on my  record: 1099Rs show 6K x 3

 

Big Problems now:

TurboTax says:

-"You have over contributed to your IRA by $6000.  You now owe a penalty for over contribution"

 

-The 2 conversions seemed to have only logged 1 conversions worth of taxation to be reported on 8606. I believe, though I am not sure

 

Any advice??

 

 

 

 

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