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Do I have to file 2023 Amended Tax Return due to 2023 IRA recharacterization?
Hi - In March 2024, I did IRA Recharacterization for my 2023 IRA to change my original contribution from Roth to Traditional, and I reported this Recharacterization in my 2023 tax return (with a statement as instructed by Turbotax) before I filed it. In Jan 2025, I received 2024 1099-R from Fidelity to show this Recharacterization. 1099-R shows taxable income is 0 and box 7 shows R. Then in my 2024 tax return, Turbotax says I may need to file amended 2023 tax return because my 1099-R reports earnings on a contribution I made in 2023. But, do I have to file an amended tax return for 2023? I didn't actually get the money in neither 2023 or 2024 so I think it doesn't affect the tax amount. Thank you!
‎April 9, 2025
3:13 PM