msindc1
Level 4

Thanks, Bill.

But I'm afraid I'm still confused!  A recharacterization involves three steps:

1.  Contribution to wrong IRA.

2.  Withdrawal from wrong IRA.

3.  Contribution to correct IRA.

So does this mean that I record a Roth contribution of $6,000 AND a Traditional IRA contribution of $6,000?  How do I reverse the wrong contribution?

As for the conversion, assuming a IRA contribution was done in March 2022 for 2021 and immediately taken out and moved into the Roth, the conversion counts as being done in 2022, right? 

 

I enter $6,000 in the a traditional IRA Contributions field AND ALSO $6,000 in the Recharacterization field?  Does the characterization entry go into the section where the incorrect payment is coming out or where the place where the money is 

0 Cheers