Hi, tax experts,
In 2022, I contributed $6,000 to my Roth IRA, which I recharacterized to a traditional IRA in March 2023. The recharacterized amount, including earnings, was $8,400. Initially, I believed that I had over-contributed to my traditional IRA since the total amount exceeded the $6,000 annual limit. Consequently, I withdrew the excess $2,400, which resulted in taxes and penalties on the earnings. Here are the details.
- 06/2022: Contributed $6000 to Roth IRA
- 03/2023: Recharacterized $8,400(Roth IRA contribution plus earnings) from Roth IRA to traditional IRA due to high income.
- 03/2023: Withdrew $2400 from traditional IRA for 2022 because I mistakenly thought I had made an excess contribution to traditional IRA.
- 04/2023: Report the recharacterization without 1099-R and report the withdrawal by filing Form 4852 with code 1 and 'P', a substitute for 1099-R.
- 01/2024: Received two 1099R forms for the $8400 recharacterization and the $2400 withdrawal, marked with codes 1 and 8.
My questions are
- Should I file an amendment for both the recharacterization and the withdrawal, which were for 2022 but were done in 2023?
-If I should, how to file an amendment?
I really appreciate if anyone can help me with these questions. Thank you!
