@macuser_22 I'm in a similar situation and looking for advice. I still haven't completed by 2019 tax returns and have an extension till Oct 15,2020. I'm going to do a Recharacterization from Traditional IRA to ROTH IRA. What is the best way for me to put the information in Turbo tax so that I don't have to later file an ammended 2019 Tax return ? Here's my situation :-
I had put $6K in my existing Traditional IRA in April 2020 and had specified it towards 2019 tax year and also made the selection as 'deductible' on Merrill Edge website. It was my assumption at that time that this would be a 'deductible' contribution when I file my 2019 tax returns. Now, I realized since both my wife and I have 401K/retirement plan at work, it makes us ineligible to get Traditional IRA tax deduction.
So, now, I have opened an ROTH IRA with the same provider (Merrill) and plan on doing a Recharacterization FROM Traditional IRA to ROTH IRA for this 6K along-with the small earnings. This is all for 2019 taxes. I did check and we do qualify for ROTH contribution based on our joint income.
Based on my reading your prior replies, it seems I'll receive 1099-R in Jan/Feb 2021 for the recharacterization that I'm going to perform but I do know my exact contributions and gains and can enter them correctly in my 2019 tax returns w/o 1099-R. Does this make sense and can I avoid filing an ammended 2019 return if I file my initial 2019 tax return this way or some other way ?
