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Retirement tax questions
Thank you for your reply. Unfortunately, I seem to have muddied the waters with how/when I did things.
I invested in the ROTH IRA throughout 2017. In Jan 2018 I recharacterized and received a letter from Fidelity stating that $9155 was recharacterized (the original $6500 plus earnings of $2655.) I reported this on my 2017 tax return.
I had also made a ROTH contribution of $540 in January 2018 which was a 2018 contribution. I recharacterized this as well in January and the value was $574.
In February 2018 I converted the entire balance of this traditional IRA back to a ROTH. The value of the account at that time was $9464.
So in 2019 I received 3 1099-Rs. The first one, for the 2017 recharacterization, shows a distribution of $9264 (a different value from the $9155 which I reported to the IRS on my 2017 return) with a code R.
The second one is for the $574, code N. And then the third one is for the $9464 code 2 showing the entire amount to be taxable.
I don't know how to fix this or how to properly report to the IRS. Thank you for any guidance you can provide.
I invested in the ROTH IRA throughout 2017. In Jan 2018 I recharacterized and received a letter from Fidelity stating that $9155 was recharacterized (the original $6500 plus earnings of $2655.) I reported this on my 2017 tax return.
I had also made a ROTH contribution of $540 in January 2018 which was a 2018 contribution. I recharacterized this as well in January and the value was $574.
In February 2018 I converted the entire balance of this traditional IRA back to a ROTH. The value of the account at that time was $9464.
So in 2019 I received 3 1099-Rs. The first one, for the 2017 recharacterization, shows a distribution of $9264 (a different value from the $9155 which I reported to the IRS on my 2017 return) with a code R.
The second one is for the $574, code N. And then the third one is for the $9464 code 2 showing the entire amount to be taxable.
I don't know how to fix this or how to properly report to the IRS. Thank you for any guidance you can provide.
‎June 1, 2019
8:30 AM