Hello,
I contributed 6000 to my Traditional IRA in Jan 2021. I have changed my mind and Recharacterized from Traditional IRA to a Roth around Nov 2021. This traditional IRA has contributions from the previous 10 years so this will not be a full conversion.
Vanguard sent me a 1099R with 7200 as the gross distribution (1). The Taxable amount (2) is 0 and the Taxable amount not determined (3) is empty. They also have a disclaimer that they don't have all the information to compute the tax and I may need to do that myself.
I would assume I need to pay tax for my earnings of 1220 (7200-6000)Distributions - contributions.
After entering the 1099R is TurboTax I don't see any additional tax deducted or anything to do with the calculation. Am I missing something?
Do I need to do anything to trigger this tax deduction in TurboTax?
Can someone please point me in the right direction on this?
Thanks in Advance
