Hi,
Earlier in March, I realized that I mistakenly contributed 6000$ each for I and my wife to Roth IRA instead of Traditional IRA in 2020. We both submitted requests to recharacterize with Fidelity and got that done. We will file our tax tomorrow, the last day. Since the recharacterization request was done in 2021, Fidelity will send us the forms 1099-R in Feb 2022.
Fidelity has sent us the document confirming how much gains we had and were taken out from Roth and put in Traditional IRA in recharacterization.
I need some help in capturing 1099-R under Wages and Income- Retirement Plans and Social Security even though I don't have actual 1099-R by using the letters from Fidelity.
1. Specifically, I have entered and saved for now the gross distribution for my case as 7,827.68 in Box 1 and 1,827.68 in box 2a for Taxable amount
2. What should I enter in box 7? My guess is 8 (Excess contributions) & J(Early Distribution of Roth IRA), is that right?
3. What else do I enter after that? Not having an actual 1099-R makes it difficult to guess what other information would I get in the actual form next year
Any help is much appreciated!
RVA Guy
