IRA Recharacterization

irarechar Member Posts: 4 Newcomer
edited January 4 in Filing my taxes


I created and contributed to a traditional IRA in 2022. I then recharacterized it into a Roth IRA in February 2023, but it was applied to 2022 for tax purposes. I listed the recharacterization on my 2022 tax return on form 1040 Line 4a - IRA Recharacterizations. My MAGI was below the standard deduction, but I'm not sure if the recharacterization was included in that — it doesn't seem like it was. Will I have to pay taxes on the recharacterization in 2023 even though it was supposed to be applied to last year's taxes?


Best Answers