No, I did not make any IRA or ROTH IRA contribution this year or last three year. My IRA and ROTH IRA were accumulated in the past many years.
I only converted IRA into ROTH IRA this year. The amount converted (say, $2,000) is countered as regular income and I have to pay tax on it!
Since there was a recharacterization occurring in year 2002 on my IRA account, so, say $300 in this account was non-deductible contribution, which is already taxed. In that year, no one told me to file form 8606. I only have form 5489 and 1099-R to record the recharacterization.
I have been trying many ways using TurboTax to work on the conversion and find a way to get tax back from the recharacterized $300, but there is no way which makes sense!
Here are the 4 numbers: The value of my IRA account is $10,000, the converted amount is $2,000, and $300 was pre-taxed, the total contribution in all these years is $3,000. Please help me using the TurboTax to file form 8606 and calculate the amount that should be taxed.
Thanks!
