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Get your taxes done using TurboTax
Please make sure you have entered the Roth contributions under Deductions & Credits. Here you will also enter the recharacterization:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the Roth contribution amount
- Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount (no earnings or losses)
- TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
- On the screen "Choose Not to Deduct IRA Contributions" answer "Yes" (If you have a retirement plan at work and are over the income limit it will be nondeductible and you only get a screen saying $0 is deductible)
Also, please make sure you answer all follow-up questions after you enter all your 1099-Rs in regards to the Roth IRA and any basis in the traditional IRA:
- Login to your TurboTax Account
- Click on the "Search" on the top and type “1099-R”
- Click on “Jump to 1099-R” and enter your 1099-R
- Click "continue" after all 1099-R are entered and answer all the questions.
If this doesn't help what are the codes in box 7? To verify, did you request the return of contribution with your financial institute, so they code it correctly?
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February 13, 2022
5:28 AM