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loohoo100
April 10, 2025
Question

I selected recharacterize instead of conversion on 2023 taxes and it is showing up as an excess contribution for 2024. I converted the whole amount to a Roth.

  • April 10, 2025
  • 1 reply
  • 0 views

I contributed $7501 to a traditional IRA and converted all of it to a Roth IRA in 2023.  I accidentally selected recharacterize instead of convert last year and the amount is showing up on my 2024 taxes as an excess contribution to a traditional from the previous year.  How do I complete the back door Roth correctly this year and fix 2023 to be the same?

    1 reply

    fanfare
    fanfare
    April 10, 2025

    " I accidentally selected recharacterize instead of convert "

     

    Clarify.

    Did you give the custodian the wrong instruction,

    or did you tell TurboTax incorrectly about your action ?

     

    "I contributed $7501 to a traditional IRA "

    For what year?

     

    @loohoo100 

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