dmertz
Level 15

Retirement tax questions

TurboTax is asking for the year of the form 2020, which would be the same as the year in which the recharacterization was performed (the year that the recharacterization distribution was made from the original account, not the year in which the recharacterization was deposited into the receiving account).  A Form 1099-R received recently would normally be a 2020 Form 1099-R and would be reporting a recharacterization that was performed in 2020.

 

In your case the payer is indicating with code R on a 2020 Form 1099-R that you did a recharacterization in 2020 of a contribution made for 2019.  If your 2019 tax return does not already reflect the effect of this recharacterization, you must amend your 2019 tax return.

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