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Get your taxes done using TurboTax
No, you don’t need to enter 2023 Form 1099-R with code R for a recharacterization because it won’t make any changes on your return. You already entered the recharacterization on your 2022 return in the IRA contribution section and that is the only way to report it.
Yes, you should have gotten a 2022 Form 5498 in 2023 since you made contributions for 2022. You might have to check with your financial institution. Please see What Is IRS Form 5498: IRA Contributions Information? for additional information.
Correct, you will answer “No” to "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."
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February 27, 2024
4:15 AM