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Amending 2020 Tax Return
I had to recharacterize a Roth IRA contibution that I made in 2020 because my income for that year ended up too high to qualify to contribution to Roth. When I downloaded the 1099-R from the brokerage into Turbo Tax 2021, it told me that I may have to amend my tax return for 2020.
So I started amending that return in TurboTax 2020. When I got to the "Explain Your Recharacterization" page, I was surprised to see that all the information had already been filled in. The dates appeared to be correct, but neither the Amount Recharacterized nor the Transferred Amount matches the gross distribution in the 1099-R. Am I supposed to accept the pre-populated amounts, or am I supposed to change them?
If I'm supposed to change them, should Amount Recharacterized be the original amount that I contributed to the Roth IRA, i.e., 7K? And should the Transferred Amount be the gross distribution in the 1099-R?
When I tried just accepting the amounts as pre-entered, TurboTax 2020 told me there was no difference between my original return and the amended one.