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Retirement tax questions
You need to amend your 2019 tax return if it does not already reflect the result of the recharacterization of the contribution made for 2019, that result being a traditional IRA contribution for 2019. If the 2019 already shows the recharacterized contribution as being a traditional IRA contribution, either deductible on 2019 Schedule 1 line 19 or nondeductible on 2019 Form 8606, there is no need to amend.
Taxes on earnings are only paid gains attributable a returned contribution, not on gains attributable to a recharacterized contribution.
‎February 2, 2021
4:45 AM