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January 21, 2025
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report ira recharacterization

  • January 21, 2025
  • 1 reply
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i have recharacterized my 2024 roth ira to traditional ira and trying to report it through TurboTax. Followed this link to report it but curious what should I say for this question? "Do You Have any Excess Roth Contributions?" should I answer no since I already uncharacterized it? the sum of traditional + roth doesn't exceed.

 

 

    Best answer by dmertz

    TurboTax is asking about excess Roth IRA contributions made for years prior to 2024 that were not corrected.  You have not mentioned any such excess contributions, so the appropriate answer to TurboTax's question seems to be No.

    1 reply

    dmertzAnswer
    Employee
    January 21, 2025

    TurboTax is asking about excess Roth IRA contributions made for years prior to 2024 that were not corrected.  You have not mentioned any such excess contributions, so the appropriate answer to TurboTax's question seems to be No.