- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Thank, you @FangxiaL. The part not covered in the IRS Instructions is whether you need to amend your return - file a 1040X - simply to attach the recharacterization statement. As the instructions say, "IF NECESSARY, file an amended return...." (emphasis mine). In my case, the recharacterized amount is nondeductible, so there is nothing to report or deduct, and according to the instructions:
"If the recharacterization occurred in 2022, report the amount transferred ONLY in the attached statement, and not on your 2021 or 2022 tax return."
Does TurboTax allow you to submit an attached statement explaining the recharacterization WITHOUT reporting any amounts "on your 2021 ... tax return" or amending a Form 8606 (because there was no Form 8606 originally submitted)? Thank you.