DanaB27
Expert Alumni

Get your taxes done using TurboTax

1. If you made the $1,000 contribution in 2021 for 2020 then you could not have converted them in 2020 because the funds weren't in your account in 2020. You might had a loss in 2021 before converting and that's why the contributions are more that the conversion amount?  Otherwise, maybe check the dates of the contributions to make sure we are accounting for everything correctly.

 

2. You will only enter the $1,000 for the outstanding recharacterization.

 

3. No, the contribution for 2020 made in 2021 will not be entered on line 6 of Form 8606.

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