Hello tax experts,
I would appreciate some guidance on whether I should file an amendment to my 2022 tax return.
In 2023, I over contributed the full amount to my 2022 and 2023 Roth IRAs in February and later realized that I was over the income limit for Roth IRA contributions. I recharacterized the full amount to two new traditional IRAs before the tax return due date (April 15, 2023). Although I did not received Form 1099R and Form 548 (from this 2023 recharacterization) until January, 2024, I filed this recharacterized contribution information as a nondeductible contribution to a (new) traditional IRA in Form 8606 for our 2022 tax return before the due date in 2023.
In 2024, I received my 2023 Forms 1099-R. One shows a distribution code R in box 7, there was $0 taxable amount in box 2a. In another Form 1099-R, it shows a distribution code 1 in box 7, there was $0.01 taxable amount in box 2a. The third Form 1099-R shows a distribution code N in box 7, there was $0 taxable amount in box 2a.
My questions are :
- Do I need to amend my 2022 tax return to include the 2023 Form 1099-R with a code R and Form 548?
- Or, should I proceed with completing my 2023 tax return and include all the information in my 2023 return?
- When I made these recharacterizations in 2023, there was a decrease in the value of contributions. Does this impact my tax return?
Thank you very much!
