@MinhT1
Hi Minh, thanks for the quick response. I'm working on some prior year tax forms. Under "Deductions and Credits" when it says to "Enter Your Roth IRA contributions" ----- Enter total Roth IRA contributions for 2020 even if you transferred, or "recharacterized" some or all of it to a traditional IRA"
When I click "LEARN MORE" it says to include any earnings. Specifically,
An annual contribution to a Roth IRA can be recharacterized as a traditional IRA contribution. The recharacterization must be for the same year the contribution was made. Also included in the transaction is any earnings attributable to the contribution while it was in the Roth IRA. The total of your contribution and the earnings attributable to your contribution is referred to as the amount "transferred."
I was told last year to just put the $1000 that I accidentally contributed to ROTH in 2020 and recharacterized in 2020, however on the 1099-R with code "N" the amount is $1237.24.
Which amount do I put and what amount do I put on the next screen when it asks, "Tell us how much you Transferred"?"
Based on what I am reading the amount under "ENTER ROTH IRA CONTRIBUTIONS should be $1000, and the AMOUNT TRANSFERRED on the next screen should be $1237.24 due to gains on my 1099-R. Is this correct?
Thank you
