This year while using the TurboTax software, I found out that I had excess Roth IRA contributions. I contacted my Roth IRA trustee and submitted a recharacterization to a Traditional IRA. The contribution was in 2020 and the recharacterization was in 2020 (before April 15).
I am confused about how to report this to the IRS. Here are my questions:
- I know I need to submit a 8606 form, but is there anything else I will need to submit?
- Do I need to submit a contribution then to the Traditional IRA even though it was a recharacterization?
- What are the implications for the 2021 tax year? Will I have to report this again or will there be a follow-up later this year?
