Roth IRA to Traditional IRA for Tax Season 2022
I have a Roth IRA and have contributed the maximum $7,000 for tax year 2022 (I am over 59-1/2). I had no taxable events for this account in 2022, therefore will not be receiving a 1099-R form. I made over $100k in 2022, and the bookkeeper who prepares my taxes told me that I will incur a large tax bill in April, because my after-tax contributions to my Roth IRA won't count as a tax deduction. Would it be a good idea to withdraw only my 2022 tax year contribution, then in turn place that in a Traditional IRA, specifying that it is a contribution for tax year 2022? Will that count as a tax deduction? Thanks in advance.
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