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Retirement tax questions
I see your post is almost two years ago, but did you find a solution? In 2019, I contributed $7k to a Roth that in 2020 (before I filed my 2019 taxes), I recharacterized to a traditional IRA along with $730 of interest. I know I must fill out a 2019 Form 8606 to report the nondeductible contribution. But, how do I handle the 2020 1099-R (distribution code = R)? Turbo Tax tells me to amend my 2019 tax return. When I do this, the impact is a 6% excise tax on the interest. Is this correct? I cannot find any guidance on how to report the income. Any help would be greatly appreciated.
ā€ˇFebruary 12, 2021
6:44 PM