Recharacterization #1 – Traditional IRA Contribution Recharacterized to Roth IRA Contribution
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.