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Retirement tax questions
For last tax year 2021, I re-characterized from Roth IRA to Traditional, and subsequently move that back to Roth IRA. Recharacterized basis for 2021 is $3,950, but with losses of $276 and total amount recharacterized was $3,674. I filed 8606 basis $3,950 for tax year 2021.
For tax year 2022, I did another back-door IRA for $6k (2022 contribution), contributing to Traditional and the move to Roth IRA. I received 2 1099Rs and 2 5498s in 2023 for tax year 2022.
- Traditional IRA 1099R: $9,748 as distribution
- Roth IRA 1099R: $3,674 as distribution
- Traditional IRA 5498: $6,000 contribution and $3,674 recharacterized contribution
- Roth IRA 5498: $9,748 as Roth conversion
For tax year 2022, under Wages & Income - IRA, 401k, 1099R section:
Do I enter both Traditional IRA and Roth IRA 1099Rs?
- I entered Tradition IRA 1099R, select "I converted some or all of it to a Roth IRA", select "Yes, all money was converted to a Roth IRA" for entire amount $9,748
- But when I enter the 2nd 1099R for Roth IRA with distribution $3,674, it prompted me to amendment 2021 tax return.
Under Deduction & Credits - Traditional & Roth IRA section:
- Do I enter $6,000 or $9,748 as 2022 traditional contributions?
- Do I enter $6,000 or $9,748 as amount switch from Tradition to Roth?
- Does my Total Basis 31 Dec 2021 change from $3,950 to $3,674?
- Why am I getting "income is too high to contribute" penalty? This shouldn't happen since a) recharacterization to fix excess 2021 Roth IRA contribution was fixed last year, b) 2022 contributions of $6k was done through Backdoor method.
- Where do I enter the losses of $276? Can I claim credit?
- Does it matter if the 2021 Roth conversion $3,748 (derived by subtracting $6,000 from $9,748) differs from $3,674 (recharacterized contribution)?
@DanaB27 Appreciate your help!!