Hi,
My wife has the following activity for her IRA- Traditional and Roth.
4/12/19- contributed 5500 to traditional deductible IRA for year 2018
01/28/20- contributed 6000 to traditional 'non'- deductible IRA for year 2019
02/03/20- Converted all of the balance to Roth IRA- reported on 1099-R received in 2020
03/01/2020- Contributed 6000 to Roth IRA directly by mistake- for year 2020
03/03/2021- Recharacterized 6000 plus gains of 1700 for the 2020 Roth contribution to Traditional IRA
03/04/2021- Converted the full 7700 recharacterized amount back to Roth
The form 8606 in Turbo tax shows me the following:
Line 1- 6000 - for year 2020 contribution
Line 2- zero- is this correct?
Line 4- blank
Line 8- blank - is this correct given that i did convert (and i answered that in the Turbo tax interview)
Line 6 - 12 - blank - are these correct?
Line 13- 6000
Line 14- 15 - blank
Line 16- 11590
Line 17- 6000
Line 18- 5590
Are the above correct? How does it take care of the recharacterization?
Should the conversion of deductible IRA to Roth IRA be reported anywhere specifically. I do see IRA distribution on Line 4 in Form 1040.
Thanks,
