While filling my 2024 taxes, I realized that I over contributed to my Roth IRA in 2024. In March 2025, I recharectarized my 2024 Roth IRA contributions to my Traditional IRA. Later in March of 2025, I converted the full Traditional IRA balance to my Roth. I understand that I will not be receiving my 1099-R until January of 2026. Now, I am wondering how to show this on my Taxes:
I appreciate the help!
You'll need to sign in or create an account to connect with an expert.
You will enter the recharacterization when you enter the contribution to the Roth IRA:
TurboTax will add the 2024 Form 8606 with a basis on line 14 and this will be carried over to your 2025 return.
You will report the conversion next year on your 2025 return since the conversion happened in 2025.
You will get two 2025 Form 1099-Rs, one for the conversion usually with code 2 if you are under 59 1/2 and one for the recharacterization with code R:
Thank you! This was extremely helpful.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
craigwcox
New Member
tbelf114433
New Member
micisner
Level 1
abutaghizadeh
New Member
s_chi29
New Member