@dhuynh44 wrote:
In addition I am having trouble calculating earnings on this amount $1000 and cannot get a hold of my institution. Do I need to recharacterize earnings on the $1000 and it so how? Thank you
"You" can recharacterize, you tell the IRA custodian that you want to recharacterize yiur IRA contribution to the other type of IRA. The account custodian does the recharacterization and must calculate the earnings (if any) and transfer that also. The custodian should tell you the amounts.
They will issue a 2021 1099-R with a code R in box 7 and the total (contribution plus earnings) in box 1.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
