Hi all -
I''m unsure of how to handle the following situation on my taxes. For the 2018 tax year, I contributed $3000 to my Roth in April 2018 and the remaining $2500 in January 2019. When completing my 2018 taxes in March/April 2019, I realized I was slightly over the max contribution limit (but not fully phased out). As such, I recharacterized 2,613.34 on 4/1/19 to a Traditional IRA and converted 2,659.82 (original recharacterization + earnings) back to my Roth account about 10 days later.
I received two 2019 Form 1099-R's; one for the Roth and another for the Traditional. The information from both is as follows:
Traditional IRA 1099-R:
- Gross Distribution (Box 1): 2659.83
- Taxable Amount (Box 2a): 2659.83
- Taxable Amount Not Determined (Box 2b): X
- Total Distribution (also Box 2b): X
- Federal Income Tax Withheld (Box 4): 0
- Distribution Code (Box 7): 02
- IRA/SEP/SIMPLE: X
- State Tax Witheld (Box 12): 0
- All other boxes are blank
Roth IRA 1099-R:
- Gross Distribution (Box 1): 2,613.35
- Taxable Amount (Box 2a): 0
- Federal Income Tax Withheld (Box 4): 0
- Distribution Code (Box 7): R
- State Tax Witheld (Box 12): 0
- All other boxes are blank
How exactly do I handle reporting this properly?
Side question: when entering the Roth 1099-R, TurboTax asks me to "look at the year on your Form 1099-R. Does it show 2019 or 2020?" to which I've answered 2019 as the form is titled "2019 Form 1099-R". Is this correct? Or do I select 2020 as this was the year in which the recharacterizations and conversions were made? When I select 2019, TurboTax tells me I need to file an amended return for 2018.
