Hi, I am looking for help on the following situation.
While I was doing my taxes in early 2022 for tax year 2021- I realized that my husband and I made too much to be contributing to a Roth IRA directly after we got married. We recharacterized our Roths to traditional IRAs and then performed a backdoor IRA. This year we contributed post-tax dollars to the traditional IRAs and performed the Roth conversion immediately to avoid the recharacterization step. The time line for my IRA looks like this:
1. 2021- contribute $6000 to Roth IRA
2. February 2022- start doing taxes, realize we made too much now we are married for direct roth IRA contributions
3.February 2022- Contact vanguard, recharacterize $6000 plus $705.75 in gains ($6,705.75 total)
4. February 2022- Convert to Roth IRA ($6,670.64- lost some money during conversion period apparently)
5. February 2022- File taxes via TurboTax with explanation of recharacterization and form 8606 is generated with Line 1= 6000; Line 2= empty, Line 3= 6000; Line 14=6000
During the year I made automatic contributions to a traditional IRA with post-tax dollars and converted to Roth on a monthly basis. A few times I forgot to login right away to convert to Roth, so money sat in the traditional for a few weeks which might have led to very small amounts of dividends. However I got it all done by the end of the year and the traditional IRA balance was $0 at the end of 2022.
This month, I received two the 1099-R's, one for traditional and one for the Roth IRA. In the traditional 1099 box 1 is listed as $12,672.44. How do I report this in my taxes for this year?
On the Roth 1099, $6,705.75 is in box 1 and the R code is in box 7. What do I do with this form?
Thanks
