Quick details of our situation:
- Feb 2025: I contributed the max $7k to my Roth IRA (for tax year 2025)
- I got married later in 2025, and when filing taxes we learned our joint MAGI is over the limit for Roth
- Feb 2026: I recharacterized my 2025 Roth contribution to a Traditional IRA
- We are using TurboTax to file our taxes and I have followed the steps to correctly report both the original Roth contribution and the recharacterization (incl. recharacterization date and earnings accrued)
I want to make sure I have clear understanding of what forms need to be filed for tax year 2025 and what will be filed for tax year 2026. Is my understanding below correct?
- For tax year 2025, I need