@DanaB27 I hate to have you be repetitive but I have a similar situation and have some questions to this response. I contributed $6K to my Vanguard Roth IRA from Jan - Dec 2021 and when filing my taxes with TurboTax was alerted that because of my AGI I was in excess of $3,360 for 2021. On March 18, 2022, I recharacterized $3,500 from my Roth IRA back into my bank account (not into a Traditional IRA) and it had some losses to the total I received back was $.3,429.44.
It looks like through TurboTax (under Federal --> Deductions & Credits --> Roth IRA) I still put that I contributed $6,000. Because I don't get the 1099-R until after April 18, what do I need to do in order to finish my taxes and not get penalized? Do I have to ask for an extension and wait for the 1099-R and then do something? Or just continue as normal with TurboTax telling me I owe money on the excess? This is where I'm confused as I don't know how I make it known that this was removed in the correct timeframe. I also am confused on what I'm supposed to do with the 1099-R coming after tax day.
It sounds like if I report the 1099-R I would get post-tax day on my Taxes next year I won't get further penalized?
Any way you could put this for someone who is totally clueless here would be so appreciated. Thank you so much!!
