IRA -- > Roth IRA conversion

givanov · ‎March 19, 2025

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

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.

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View solution in original post

ThomasM125

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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IRA -- > Roth IRA conversion