DanaB27
Expert Alumni

Retirement tax questions

Yes, you will enter the recharacterization as mentioned above.

 

Yes, you will get Form 1099-R  for the recharacterization with code R-Recharacterized IRA contribution made for 2021 next year and this belongs on the 2021 return. But a 1099-R with code R will do nothing to your return. You can only report it as mentioned above. Therefore, you can ignore the 1099-R with code R when you get it in 2023. The box 1 on the 1099-R will report the total recharacterized amount (contribution plus earnings) but it does not separately report the earnings and box 2a must be zero.

 

@techie353

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"