Good Afternoon!
I have an issue with recharacteriztion reported in wrong year and I need advice how to correct this.
In 2022 - Roth Contribution - $6000. Filed taxes without any recharacterization.
In 2023 - Roth Contribution - $6500.
In February Recharacteried - (I thought I had rechacteried 2023 but the custodian was recharacterizing 2022.)
In 2024 I have received 2 1099R - one for rechacteriztion with code R in box 7. I completed taxes for 2023 with using the second 1099 for baking door conversion.
In 2024 - Roth Contribution - $7,000.
The custodian made a rechacterization of 2023 contribution of $6500 ($8,258).
I initiated a recharacterization of 2024 contribution of $7,000.
Now I have received 2 1099R for tax year 2024. One for $8,258) with code R in box 7 and another one for backdoor conversion of $15,220 ($8,220 + $7,000).
How do I go back to correct my prior year tax filing or do I need to?
Should I be reporting 1099R with code R?
Should I just need to revise 2023 with statement to show the original 2022 contribution?
Please guide me so that I can move forward with current year tax.
Thank you and appreciate any help I can get!
Ramesh
