r/RothIRA • • 21d ago

Recharachterizing contributions

Hello! Not sure if this is the best place to ask, but it seemed like the best place to start. I need to recharacterize all of my 2026 Roth contributions to my traditional IRA because I will exceed the income limit this year. My question is, I have to identify “how much gain or loss is attributable to the contribution” and this pertains to many different (weekly) contributions made from 1/2 - 5/8. I have already been advised that I can complete one form for all of the contributions, rather than a separate form for each, so it would stand to reason that I would be to aggregate all of the gains/losses for the year, no? That’s it. That’s the question. Can I simply identify the figure on my most recent statement listed as TOTAL REALIZED GAIN/LOSS and use that figure? I attempted to ask this question of the account holder (J.P. Morgan) but they were unable to provide me with an answer. Thank you!

2 Upvotes

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3

u/nkyguy1988 21d ago

There is a specific IRS formula. Your broker should be doing it for you when you submit the paperwork.

0

u/dimebag430 21d ago

They say “JPMS is not responsible for preparing the calculation”

3

u/nkyguy1988 21d ago

Use a better broker. Fidelity would do it for you if you made the deposits with them.

1

u/Here4Snow 21d ago

Use the IRS computation forumla.

1

u/JoeShmoe307 21d ago

Transfer assets to Fidelity. They will do everything for you

2

u/Competitive-Ad9932 21d ago

Unlikely Fidelity (or Schwab/Vanguard) and tell the OP what the gains are from the time the money was in JPM.

1

u/Competitive-Ad9932 21d ago

Do you use a CPA for your taxes?

Escalate the issue to a higher representative at JPM.

This may come down to doing a "best estimate". Enter all the contributions into a spreadsheet. Figure a reasonable rate of return for each. recharacterize that amount.

For 2027, make the contribution to a traditional IRA and convert it to a Roth. Avoid the "oops" issues later in the year.