@Jkessler93 wrote:
Thank you again for your help. One last question, on the next page, titled "Roth IRA Explanation Statement," it asks for "The Amount Recharacterized" and "The Amount Transferred (Recharacterization plus earnings or losses)." Should I include the ~$900 that I recharacterized from my 2019 return in 2020? Ie, should I input $6900 into this first box, and ~$6700 into the second box?
As I posted above:
The amount The amount of the original Roth contribution must be entered - not any earnings or losses.
Then TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharactorized.
**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.**
