Hello @DanaB27,
I hope you are well. I wanted to revisit this topic. It's been almost a year since I recharacterized my Roth contributions to a traditional IRA. I received a 1099-R in 2023 for my Roth account with Code R (recharacterized IRA Contribution made for 2022 and recharacterized in 2023).
- Am I supposed to enter this 1099-R in my 2023 tax return? (or just totally ignore it?)
- Box 1 shows the gross distribution (equal to original contribution less losses). Should I have gotten a Form 5498 for my traditional IRA with the same amount? (I didn't get one in 2022 and also none in 2023. I did the recharacterization before tax due date in 2022.)
Also in the Turbo Tax interview, there is a question "Do you have excess Roth IRA contributions? Tell us if you contributed more to a Roth IRA than was allowed in 2022 or any previous year." Since I have already recharacterized my excess contribution last year, should I answer "No"?
Thank you!
P.S. I didn't do the Backdoor Roth I asked about last year, partly because it sounded complicated with my pre-tax funds, and partly because I forgot all about it after I filed my taxes! 🙂
