ThomasM125
Expert Alumni

Retirement tax questions

Although the code "P" is wrong, the amount of $1,857 would be correct as it represents the taxable earnings on the money put into the traditional IRA account, so that would be taxable on your 2019 tax return. So, if you hadn't reported it, you need to amend your 2019 tax return to adjust the entry you made to report the recharacterization to reflect the income not reported.

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