Hi Turbo Tax Community,
This year while filing taxes for year 2021, I received notice that I overcontributed to my Roth IRA (contributed back in 5/2021) by $3060 from the $6000 that I had put in because of my unexpected increase in MAGI. I went ahead and did a recharacterization in 2/2022 for the amount of $3060 and what actually went into my Traditional IRA was $3465 due to gains from the invested Roth IRA funds. Am I able to do a back door transfer of the entire $3465? I know I will have to pay taxes on the additional gains. How do I go about filling out the 8606 for 2021 and for 2022? It seems a bit messy since my contribution occurred in 2021 but my transfer occurred in 2022. I want the back door transfer of $3465 to be part of my 2021 Roth contribution and would like the balance of my Traditional IRA account to be $0 for my future 2022 back door conversion just to keep it clean. Please advice how I should be going about filling out my return on TurboTax Premier. I know I will receive a 1099-R for 2022 due to the recharacterization. Will I be reporting that on my 2022 tax return?
Thank you all so much! I appreciate any input.
