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IRA partial recharacterization
On 2/10/2021 I contributed $6000 to a traditional IRA for the tax year of 2020. I later realized only $2740 of that contribution was tax deductible. So I recharacterized $3260 of the contribution on March 11 to a Roth IRA. In the elapsed time, the IRA had lost money so only $3242.02 actually transferred. The broker says I will not get a 1099-R reporting the recharacterization until 2022, and it will be a 2021 1099-R. I think I have to report the recharacterization on this year's tax return (2020). How do I do that this year with no 1099-R? Or do I wait until next year to file the information from the 1099-R?
March 13, 2021
10:55 AM