“ If the recharacterization occurred in 2021, report the amount transferred only in the attached statement, and not on your 2020 or 2021 tax return.
based on the above statement isn’t putting $1317 on line 4 essentially reporting it on the 2020 tax return?
As your recharacterization occurred in 2021, line 4 should be $1,317, Remember that you shoiuld treat any earnings that occurred in the first IRA (Roth) as having occurred in the second IRA (Traditional).”
Awww man, thought I had it figured out. Thanks for helping out. What part of the TurboTax interview displays line 4 on the 8606 form? I’m trying to figure out how I getting numbers on the 8606 from TurboTax.
If I recharacterized $1317 ($1000 basis) in 2021 and also contributed $1000 in 2021 for 2020, wouldn’t line 4 be $2317? It asks for contributions from the total of line 1 that were made in 2021. Thank you
