Thank you for the information. Very helpful!
A few updates:
1) Rollover vs recharacterization
- Turbotax has these conflicting statements as definitions (verbatim):
"When using Turbotax, a transfer of funds form a traditional IRA to a Roth IRA or from a Roth IRA to a traditional IRA is not considered a rollover"
"[Recharacterizing" means that you first contributed money to a traditional IRA, but then later moved your money to a Roth IRA."
-Is there something that I'm misunderstanding?
2) Form 1099-R
- I don't have a form 1099-R for the $3.5K: I will ask my two institutions (403b and Roth IRA) about this
-My 1099-R for the $17.5K does have "2" in box 7 with "IRA/SEP/SIMPLE" checked
-If both the institutions give me 1099-R forms with the same amount (i.e. two 1099-R forms from each institution with both containing the $17.5K) do I include both in my return?
3) $3.5K as RMD
-Your description as a rollover is what occurred: I will update this on the Deductions and Credits (D&C) section
4) Regular contribution in traditional IRA
-Understood. Since I had contributed to the traditional IRA as part of the transfer process I thought I had to place it in the D&C section. I will remove this from the D&C section
I will send updates when I receive more.
