Recharacterization explanation showing incorrectly on tax return?

Forum|Forum|1 year ago
March 3, 2025
1 reply
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It's my first year doing a backdoor IRA and so i had to update where i entered in my IRA contributions a couple times. Initially i had entered my full contribution of 7000 as the amount i also recharacterized but then changed it to 0 after realizing this does not include rollovers. However, when i print my return for my records I still see a recharacterization explanation stating the latter. I've double checked the amount input here and redownloaded the return multiple times but it still shows the i recharacterized 7000 when i had indeed changed it to 0. Why is it not updating?

Best answer by DanaB27

You will have to delete the entry on the "Your IRA Explanation Statement" screen. Please follow the steps below the delete the entry:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “traditional IRA”
Answer “No” to “Is This a Repayment of a Retirement Distribution?”
Enter the amount you contributed
On the "Tell Us How Much You Transferred" screen enter "1" and "Continue"
On the "Your IRA Explanation Statement" screen delete the entry then click "Back"
On the "Tell Us How Much You Transferred" screen enter "0" and "Continue"

DanaB27Answer

You will have to delete the entry on the "Your IRA Explanation Statement" screen. Please follow the steps below the delete the entry:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “traditional IRA”
Answer “No” to “Is This a Repayment of a Retirement Distribution?”
Enter the amount you contributed
On the "Tell Us How Much You Transferred" screen enter "1" and "Continue"
On the "Your IRA Explanation Statement" screen delete the entry then click "Back"
On the "Tell Us How Much You Transferred" screen enter "0" and "Continue"

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jliu1234Author

I already submitted my tax return. It looks like that entry simply added an extra page on my return under "Additional Information From 2024 Tax Return". Everything else is still the same - do i need to amend it?