Long story short, I over-contributed to both my and my DW’s Roth IRAs for 2023, to the tune of the full $900 penalty. If I understand correctly, I can go back and re-characterize the original contributions (done at Fidelity), and any earnings, to a traditional IRA. A few questions –
•Do I now claim BOTH the (over the limit) Roth contributions and their re characterizations on our taxes, or do I not enter the Roth contribution at all?
•Will this automatically eliminate the penalty in TurboTax or is manual intervention required?
Once complete, I believe I can then complete backdoor Roths for 2023 on both, correct?
Thanks for the assistance!
•Do I now claim BOTH the (over the limit) Roth contributions and their re characterizations on our taxes, or do I not enter the Roth contribution at all?
•Will this automatically eliminate the penalty in TurboTax or is manual intervention required?
Once complete, I believe I can then complete backdoor Roths for 2023 on both, correct?
Thanks for the assistance!
Statistics: Posted by DAKn2 — Sat Feb 17, 2024 2:12 pm — Replies 0 — Views 12