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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.
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‎February 28, 2022
1:34 PM