Was the $14,455.24 a distribution in 2024 from the ROTH?
- If so, this portion is not taxable.
Regarding the second 1099-R:
- Code R is Recharacterized IRA contribution made for 2023.
- This should not be on your 2024 tax return.
- This is a taxable event. But it should be included on your 2023 tax return.
- Traditional IRA's are not taxed on the contribution, but they are taxed when withdrawn.
- ROTH IRA's are taxed upon contribution, and not taxed upon withdrawal.
- If you created a substitute 1099-R and paid the tax in 2023,
- You do not have to enter the second 1099-R code R in 2024.
- You've already paid it.
- If you did not enter it on your 2023 return you will have to amend it.
@JPGup90
Amended 02/16/2025 | 8:59 AM PST
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