@DanaB27
"Yes, since you had an outstanding recharacterization you will enter the $1,000 under “Outstanding Recharacterizations”."
Hi @DanaB27 , I just put $1000 under "Oustanding Recharacterizations." This $1000 was contributed to Roth in 2020, but recharacterized March of 2021. It increased my income and now I owe more in taxes.
The value ($ amount) in my traditional at end of 2020 was $0 according to my end of year statement. When I add this $1000 to "Outstanding Recharacterizations" on Line 6 it now says my value is $1000. Is this supposed to be correct? Why would I pay taxes on a recharacterization?
Thank you
