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Recent Discussions

How to report an IRA contribution that has been recharacterized twice
Trying to summarize a long story, I made an error when trying to perform a backdoor Roth IRA in 2025 and accidently recharacterized my Traditional IRA contribution to a Roth instead of converting it. In 2026 I recharacterized it back to a Traditional, and then completed the conversion to Roth as I should have done…
Correct values for IRA contribution amounts after overcontribution and recharacterization?
I overcontributed to my ROTH IRA by $750 and have recharacterized it. Prior to this, I did not have a traditional IRA. Going through FreeTaxUSA to file my taxes, it is continually warning me that I've overcontributed. The only way to get rid of the warning is to answer $0 for my traditional IRA contributions. I want to…
Had to withdraw Roth contribution, then do a backdoor
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…
Filing Taxes with 1099R and 5498
Hello, For my 2023 taxes, I have both forms 1099R & 5498. When I file my tax return, where and how do I provide my 5498 information? I want it to be clear that I did not contribute beyond the 2022 contribution limit, and that I only made non-deductible & post-tax contributions. Details below: I completed most of my 2022…

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