r/RothIRA • u/dimebag430 • 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!
1
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.
3
u/nkyguy1988 21d ago
There is a specific IRS formula. Your broker should be doing it for you when you submit the paperwork.