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Retirement tax questions
Hi @DanaB27, I have a similar situation.
- In 2021 I accidentally contributed $6000 directly to my Roth IRA.
- I recharacterized it to a traditional IRA with a gain of $50 (total $6050).
- I did a backdoor Roth transaction and moved $6000 (out of the $6050) from my traditional IRA to my Roth IRA
- I got 2 1099-Rs, one with a distribution code of N for the recharacterization, another for the backdoor Roth
I have two questions:
- Do I need to count the recharacterization as an additional IRA contribution? In addition to the backdoor roth - so both traditional and Roth IRA contributions?
- if I do need to count both, does the traditional recharacterization need to be for $6050 (inclusive of the gain)?
Thank you!
‎February 12, 2022
4:43 PM