I made $7000 Roth IRA contributions for myself and my wife in January 2024 for year 2024. While I am doing taxes for year 2024 (due April 2025), I realize I overcontributed $5800 for each one of us. I plan to recharacterize $5800 for each one of our contributions to a non-deductible traditional IRA before the deadline date of April 2025. My question is:
1) Do I file the 1099-R with code R, which I will get next year (Jan-Feb 2025) THIS YEAR with my 2024 tax filing? And if so do I report $5800 plus earnings as recharacterize with a note or only the $5800 and not the earnings? There is no clear information on how to report when you haven't got the 1099-R.
2) If I report 1099-R that I will be receiving next year 2025 with my 2024 tax return, do I do anything with the 1099-R next year (2025 tax filing)?
3) Who maintains the form 8606 that tracks the basis for IRA contributions as the contributions are already taxed? Does my trustee maintains that or turbotax or I do?
Thanks for your time and input.
