Hello and good evening!
Hope this message finds you well! I am helping my girlfriend with her taxes. In 2023, she contributed max amount to roth ira. Also in 2023, she moved to a new team and with a pay raise and bonus. When filing 2023 taxes last month, she realized her income now surpassed amount allowable for roth ira (previous years was under the limit). We then recharacterized her 2023 roth ira contribution to traditional ira, and then converted the traditional ira back to roth ira.
1. Do we wait for any forms Fidelity will send to us regarding 2023 ira recharacterization and conversion prior to filing and submitting 2023 taxes?
2. Or can we go ahead and file and submit taxes, as long as we appropriately document the recharacterization and conversion within turbo tax?
3. Extra side note, she also contributed some to roth ira for 2024 calendar year (prior to realizing she was above limit), which she has already recharacterized. I'm guessing no action for this as it will be taken into account next year when filing 2024 taxes.
Thank you for your help!
Anthony
Hope this message finds you well! I am helping my girlfriend with her taxes. In 2023, she contributed max amount to roth ira. Also in 2023, she moved to a new team and with a pay raise and bonus. When filing 2023 taxes last month, she realized her income now surpassed amount allowable for roth ira (previous years was under the limit). We then recharacterized her 2023 roth ira contribution to traditional ira, and then converted the traditional ira back to roth ira.
1. Do we wait for any forms Fidelity will send to us regarding 2023 ira recharacterization and conversion prior to filing and submitting 2023 taxes?
2. Or can we go ahead and file and submit taxes, as long as we appropriately document the recharacterization and conversion within turbo tax?
3. Extra side note, she also contributed some to roth ira for 2024 calendar year (prior to realizing she was above limit), which she has already recharacterized. I'm guessing no action for this as it will be taken into account next year when filing 2024 taxes.
Thank you for your help!
Anthony
Statistics: Posted by anthonyphamy — Wed Mar 13, 2024 11:21 pm — Replies 5 — Views 274