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Get your taxes done using TurboTax
No, you do not pay taxes on the recharacterization but Form 8606 how the basis is allocated might change. It seems as if you had earnings when you made the conversion in 2020.
To clarify, how much did you convert in 2020? What are the entries on lines 1, 2, 5, 6, and 14 of form 8606?
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March 24, 2022
9:12 AM