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Retirement tax questions
Yes, you must amend your 2020 return to report the recharacterization so that Form 8606 can be generated to report the 2020 non-deductible IRA contribution. Use the 1099-R form with code R to amend your 2020 tax return. The 1099-R with a code R does not do anything - they just inform the IRS.
Report the Roth conversion on your 2021 tax return using the 1099-R form with code 2.
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‎February 20, 2022
8:55 PM