Hi I am currently trying to file my tax report using turbotax premier.
I had to do recharacterize/conversion (roth to traditional and back to roth ira due to unexpected financial change).
I received 4 forms of 1099R(marked for 2022) (2 for me and 2 for my wife - we both did the same thing R to T and T to R ira). Although they are marked 2022, but for 2021.
since we knew our income(agi) will not be greater than 200k this year thus we contributed to our roth IRA account.
I did import forms from the fidelity (my retirement bank) then the 4 forms were automatically imported.
when I when through the turbo tax, it shows me that I need to pay the tax due to taxable income, which is the sum of the recharacterized IRAs (me and my wife - joint filing).
why is the total of the recharacterized/converted contributions
are taxable? Since I payed the tax for the roth ira (before recharacterization), it is double taxed.
