- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
I agree, the wording might not be best in the title. But next to the field it states "Amount switched from Roth to traditional IRA" therefore you only enter the $1,000.
You only will enter the gain on the explanation statement like mentioned above.
The gain is treated as if earned in the traditional IRA since you are recharacterizing the contribution. Therefore, when you take a distribution/make a conversion this gain will be taxable.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 28, 2022
11:44 AM