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Deductions & credits
Just enter the contribution in the IRA contribution interview and mark it as non-deductible which will produce a 8606 form with the contribution on line 1, 3 and 14. You will need that 8606 next year when you get the 1099R for the distribution.
And no - it is NOT a recharacterization.
**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.**
‎February 2, 2021
6:50 PM