Hi @macuser_22 , thanks for the helpful reply and clarification on the earnings. Yes, this is a 2021 contribution made for 2021.
Sounds like I will proceed with the recharacterization to move from the Roth IRA to a traditional IRA. I believe this will be treated as nondeductible based off my income/employer retirement plan. Will TurboTax then prompt me to enter the basis on line 1/14 of the 8606 form, after doing the recharacterization/earnings steps you detailed?
If I continue to use TurboTax, will it prompt me every year on entering this basis amount? What happens if say, in 2022, I don't make any 2022 contributions to the traditional IRA? Do I still need to enter the basis value every year when doing my taxes?
Thanks much!
