Hi,
I put some money to my nondeductible traditional IRA (let's say $4000) using the 2020 limit last April. After a few months, I converted all the money (with some earning, let's say $4400) into a ROTH IRA. So I receive the forms 1099-R and 5498. This case is very similar to the Example 5 in the Turbotax.
I am a bit confused because the Form 1099-R is different than what Turbotax suggests in the example. In my Form 1099-R, both Box 1 and 2a show $4400 and the code for Box 7 is "2". While in the example in the Turbotax, box 1 is $4400, but no amount in box 2a, code "R" in box 7.
Is there a chance that the bank made some mistakes on my Form 1099-R? If my Form 1099-R is correct, then what should I fill with outstanding rollovers/recharacterizations? It is clear that the value of my traditional, SEP, and SIMPLE IRAS on Dec. 31 2021 is 0.
Thank you.
