I’m preparing 2023 tax return. I had a direct Roth IRA contribution of $6k after tax money in 2023 but realized my 2023 income does not allow that direct Roth IRA contribution.
So I’m planning to talk to my IRA to re-charterize it to TIRA.
FYI, $6k grew after the contribution now it became $6.4k.
Searching this community it looks in 2023 tax return, I need to choose IRA contribution -> Roth IRA -> Did You change your mind to report my Roth->TIRA recharacterization for 2023(Done in 2024).
But below two things make me worry about my recharacterizations plan
1. I have $1500 of carry over basis for TIRA from my 2022 8606 line 14.
2. I have rollover IRA account(rolled over from 403(b) pre tax) with 2023 year ending balance of $1300
I’m trying to figure out if there is any circumstances my 2023 recharacterization causing me another income tax calculated out of 2023 8606 form due to above two things.
and another thing, I can’t figure out which tax year I need to pay income tax for this $0.4k, the money grown during $6k sit in Roth IRA account before Recharacterizations. Will it be this 2023 year or 2024 tax year?
Could you please advise ?
So I’m planning to talk to my IRA to re-charterize it to TIRA.
FYI, $6k grew after the contribution now it became $6.4k.
Searching this community it looks in 2023 tax return, I need to choose IRA contribution -> Roth IRA -> Did You change your mind to report my Roth->TIRA recharacterization for 2023(Done in 2024).
But below two things make me worry about my recharacterizations plan
1. I have $1500 of carry over basis for TIRA from my 2022 8606 line 14.
2. I have rollover IRA account(rolled over from 403(b) pre tax) with 2023 year ending balance of $1300
I’m trying to figure out if there is any circumstances my 2023 recharacterization causing me another income tax calculated out of 2023 8606 form due to above two things.
and another thing, I can’t figure out which tax year I need to pay income tax for this $0.4k, the money grown during $6k sit in Roth IRA account before Recharacterizations. Will it be this 2023 year or 2024 tax year?
Could you please advise ?
Statistics: Posted by kckoo84 — Wed Mar 06, 2024 12:19 am — Replies 0 — Views 95