Recharacterizing your contribution from Roth to Traditional is just a way of correcting the type of contribution that you made. The effect, in the end, will be the same as if instead of making a Roth contribution you had made a Traditional one for tax year 2023. The only difference relates to any earnings or gains on the original contribution to the Roth.
Depending on the amount of your recharacterized contribution and earnings, you could see some taxable income as a result, but that will be income that is reported next year (if it applies) and your IRS custodian will provide you with the necessary information on a Form 1099-R to properly report the transaction.
It won't complicate your tax filing much— the TurboTax interview will walk you through it both this year and next year.
It sounds like you will benefit from making the switch over to a deductible traditional IRA and this is a fairly routine transaction that TurboTax handles well. If you have any questions as you go through the process, you can return here for help with the entries into the program.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
