Recharacterization #1 - Traditional IRA Contribution Recharacterized to Roth IRA Contribution
1
If you have a situation where you made a contribution to a traditional IRA and later recharacterized part or all of it to a Roth IRA, review the IRS Instructions for Form 8606.
NOTE: A conversion of a traditional IRA to a Roth IRA, and a rollover from any other eligible retirement plan to a Roth IRA, made in tax years beginning after December 31, 2017, cannot be recharacterized as having been made to a traditional IRA.
To enter or review your IRA contribution entries in the TaxAct program, follow these steps.
Online
Dashboard
From within your TaxAct return, click Resources.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Under My Return, click Federal Search.
Click the IRA Contributions drop-down, then click the appropriate IRA contribution type.
Complete the rest of the interview process.
Classic
From within your TaxAct return, click Federal.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the IRA Contributions drop-down, then click the appropriate IRA contribution type.
Complete the rest of the interview process.
Desktop
From within your TaxAct return, click Federal.
Click the IRA Contributions drop-down, then click the appropriate IRA contribution type.
Complete the rest of the interview process.
To enter or review Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. in the TaxAct program, go to our Form 1099-R - Entering Distributions from Retirement Plans FAQ.
Because of the recharacterization situation, you need to include a statement with your return. For help including a statement, go to our IRA - Distribution Explanation Attach Statement FAQ.
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