IRA -- > Roth IRA conversion

[givanov]

Hi!

Is it possible to "undo" part of my IRA -- > Roth IRA conversion that I made in December 2024?

If "not", can I lower my taxable income by transferring $8000 from my saving account to my IRA (to avoid 22% tax bracket)? If so, how can I do it?

Thank you,

Georgy

[ThomasM125 · Accepted solution]

No, you aren't allowed to recharacterize a ROTH IRA conversion in 2024. You may be able to make a traditional IRA contribution by the due date of your tax return. Just enter the contribution in the Deductions and Credits section of TurboTax, then Retirement and Investments, then Traditional and Roth IRA contributions. When you are done with that section TurboTax will let you know if the amount you want to contribute is allowable. Then you just need to find an investment option for the IRA and make the contribution.