DanaB27
Expert Alumni

Get your taxes done using TurboTax

It depends, did you enter the traditional IRA contribution before as a deductible contribution (Line 20 of Schedule 1)? If yes, then your Form 1040 and your tax might change. If you hadn't reported the contribution at all then there won't be any changes to Form 1040 and your tax.  The entries on Form 8606 seem accurate.

 

 

You made a conversion and not a switch (recharacterization) therefore you will not enter anything under "How much your contribution to TIRA FOR 2021 switched or recharacterized to RIRA".

 

To clarify about the 2020 "Switch", did you request a recharacterization with your institute (you would have gotten a 2020 Form 1099-R with code N in box 7 or a 2021 Form 1099-R with code R in box 7)? 

 

If it was a conversion instead of a recharacterization when did the conversion happen? In 2020 or in 2021?

 

@dsyhome0510

 

 

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