@71YTA31 wrote:
Ok, but in your earlier responses, you suggested filing the amendment after receiving the 1099-R, which wouldn't happen till January 2022.
The information from Vanguard is saying to file the amendment by October 15th 2021.
For the amount recharacterized vs the amount transferred, the IRA contribution interview you keep referencing does not address the question as it is being asked in its current form. The question is formatted to represent the TurboTax input:
Amount Contributed
Amount Recharacterized
Amount Transferred
If you could address the actual numbers in the question, particularly amount transferred, that would be great.
Thanks.
You receive the 1099-R in January 2022 an file the 2021 tax return before April 15 2022, after you amend - it you import after you amend then the penalty will be gone.
I did address the numbers in the way to report the recharacterization. In the IRA contribution interview you just enter the exact amount of the Roth contribution and then say you "switched" it to a Traditional IRA. You account for the loss in the explanation statement.
Don't rely on tax advice that you get from a financial institution - it is usually wrong or incomplete.
Like I said - amend tomorrow if it makes you fell better. The amended return will take about 6 months to process anyway.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
