I have a question for filling backdoor Roth IRA with recharacterization and conversion.
so in
Jan 2021, transferred $6k from traditional IRA to RothIRA towards 2020
Feb2021, transferred $6k from own account to Roth IRA directly.
Then I realized I should transfer $$ from traditional IRA not other account.
so on Feb2021, I transferred $5900 (investment loss) from RothIRA back to Traditional IRA.
Then on Feb2021, I transferred $5900 from traditional IRA to RothIRA.
Now I received two 1099R
1099R traditional $5900, code X, in the form 5498, it shows Recharacterized contributions $5900
1099R Roth $11900 code 2, in the form 5498, it says Roth IRA conversion amount $11900, Roth IRA contributions $6000
In this case, in Turbotax, I entered those answers, could you please help me check if it's correct?
Enter the amount that I put into a traditional IRA for 2021? $5900
how much of the $5900 contributed to Traditional IRA did you recharacterize to Roth ? $5900
IRA explanation statement
Any Excess IRA Contributions Before 2021? no
Any Nondeductible Contributions to the IRA? yes. made and tracked nondeductible contributions to IRA
Let's Find Your IRA Basis: 0. (not sure if it's $6000 or 0, but I don't have form 8606)
Do I need to select "contribute to Roth in 2021" in this case?
Enter Your Roth IRA Contributions: $6000 (not sure if I have contributions or not if excluding $5900)
how much of the $6000 contributed to Roth IRA did you recharacterize to traditional IRA: 5900
IRA explanation statement
Then it shows I have a penalty..
Contribution withdraw before due: ?? no idea here
Thank you!
