Had to withdraw Roth contribution, then do a backdoor

harwemar
harwemar Member Posts: 1 Newcomer
edited April 3 in Filing my taxes

Hi all - thanks in advance for the help.

I messed up my Roth this year and am not sure how to report it on my return for 2024.

Situation:

  • Feb 18 2025: Deposited $3.5K into my Roth
  • Feb 20 2025: Realized I was above MAGI this year and removed the excess
  • Feb 21 2025: Deposited $7K as non-deductible traditional IRA contribution
  • Feb 25 2025: Performed $7K Roth recharacterization

I have been following this article on how to report this (https://community.freetaxusa.com/kb/articles/174-backdoor-roth-plus-a-recharacterization-recharacterization-happens-after-december-31st-2024-and-later), which has been very helpful, but my form keeps saying that I still have excess contributions and I'm taking a small tax hit.

Is that ok / to be expected? I assume I will have to amend my 2024 return once I get a 1099-R and also make some changes to my 2025 return, but I just want to make sure that these forms are ok. Thank you again!

Edit: Solved :) I am a newbie and didn't know the difference between a recharacterization and a conversion.

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