In 2023, I found that I mistakenly contributed to Roth IRA account (I thought I was contributing to traditional IRA)
So in 2023, I did the following:
Now in 2024, I received all the 1099R for the distributions happened in 2023. According to the 1099R instruction, I need to
I want to check if my understanding is correct? Also, I didn't receive any letters from IRS after I mailed form 5329, nor does my IRS online account show any balance due. How do I confirm if the forms has been received and processed? Do I need to resend the forms this year?
Thank you so much in advance!
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On your 2023 tax return
To report the recharacterization of the Roth contribution for 2023:
To enter the Form 1099-Rs (you can ignore 2023 Form 1099-R with code R):
On your 2022 amended return
You will enter the recharacterization when you enter the contribution to the Roth IRA for 2022:
You will get a 2023 Form 1099-R for the recharacterization with code R-Recharacterized IRA contribution made for 2022 and this belongs on the 2022 return. But a Form 1099-R with code R will do nothing to your return. You can only report it as mentioned above. Therefore, you can ignore the Form 1099-R with code R.
To confirm you sent Form 5329 by itself? Did you pay the penalty? You should contact the IRS to inquire about it. Individuals: 800-829-1040, 7 a.m. to 7 p.m. local time. Please see IRS Let us help you for more details.
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