For myself, on my 1099-R it says I converted $2203 (not including the $1000 recharacterization). I contributed $2000 directly from my bank and converted as soon as possible as not to incur taxes so I am not sure why the amount is $2203.
Line 1 - $3000
Line 2 - $0
Line 5 - $2000
Line 6 - $1000
Line 14 - $1624
If I could ask 1 more question, at the part where it asks "Tell Us the Value of all of your Traditional IRA accounts".. on my form 5498 it says $0. However there are 2 followup questions that under that that ask:
"Include any IRA contributions you made or will make in 2021 for 2020"
"Include any IRA distributions you made in 2019"
Do I put $1000 here, as I made a $1000 contribution in 2021 for 2020?
And for my knowledge going forward for 2021, what does "Include any IRA distributions you made in 2019" actually mean? Would distributions mean money I actually pull out or something else?
Thank you
