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xhxu
April 12, 2025
Question

I recharacterized $8000 traditional IRA to Roth IRA. Why Turbotax told me that I have the excess contribution in Roth IRA based on my income?

  • April 12, 2025
  • 1 reply
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    1 reply

    M
    MindyB
    April 12, 2025

    Recharacterizing and converting are not the same thing.  Recharacterizing to a Roth means you are subjected to the same limits as if you would have done the contribution directly to the Roth in the first place.

    fanfare
    fanfare
    April 13, 2025

    You now have an excess contribution.

    Can you recharacterize again to put it back ? ask the custodian.

    Meanwhile, File a 4868 request for extention of time now.

    This gives you until Oct 15th 2025 to straighten this out and report correctly.

     

    @xhxu 

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