Recharacterizing Roth IRA Contribution to Traditional IRA: Deductible?

[the_expostriate]

Hey all,

If I recharacterize my Roth IRA contribution for 2020 to a Traditional IRA, is the amount deductible from my income on my tax return, reducing my tax liability for 2020?

[terran]

It depends on your filing status, whether you're covered by a retirement plan at work (meaning you or your employer actually contributed), and your income. See https://www.irs.gov/retirement-plans/ira-deduction-limits

If you qualify for deductible traditional IRA contributions then recharacterizing from Roth to traditional by your tax filing deadline (~4/15) will mean you get a deduction from you taxable income, which will reduce your tax liability. Basically, recharacterizing makes it as if you'd contributed to the type of IRA you recharacterize to in the first place.

[the_expostriate]

Hey all,

If I recharacterize my Roth IRA contribution for 2020 to a Traditional IRA, is the amount deductible from my income on my tax return, reducing my tax liability for 2020?

thanks terran. I had no employer plan when I was employed so I should be able to deduct everything.