What's expected after Roth IRA re-characterization?

Forum|Forum|2 years ago
March 6, 2024
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I made contribution to Roth IRA when I am ineligible. Then I submitted re-characterization form to re-characterize Roth to Traditional.

Is there a certain tax document I'm suppose to get to reflect this? If so, what form is that?

What are the steps in TurboTax to add this information if needed?

Ask the Experts - MetLife III - Mar 2024

Best answer by RobertB4444

You should get a form 5498 showing the contribution to the traditional IRA. As long as the broker recharacterized the contribution properly and you don't receive a 1099-R then you don't need to report the original contribution at all, just the contribution to the traditional IRA.

@austintx

RobertB4444Answer

@austintx

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austintxAuthor

Re-characterization was successfully done but the form 5498 will not be available until May.

What steps should I take in this case?

RobertB4444

Enter the amount of traditional IRA contributions that you made through the recharacterization. As long as the number matches the form when it's released it won't make any difference.

If you are wanting to be certain before you file then you file an extension and wait til you have the form to file your return.

@austintx

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