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Gains from Roth to traditional recharacterization
Hello,
I have recharacterized my 7,000 contribution that I made to my Roth IRA over to my traditional IRA and along with it went 1,100 in gains. Where do I enter the gains? Does it go in the Tubotax explanation box that says "The Amount Transferred (Recharacterization plus earnings or losses):? When I do that, the amount of taxes I owe does not change even though there was a gain. Shoudn't that go up? Don't I owe taxes on the 1,100 in gains for 2019?
Also, what line does the gain get entered on in the 8606? I had no other IRA activity other than the original Roth contribution and the recharacterization to my regular IRA.
Thank you very much.
‎July 15, 2020
11:45 AM