DanaB27
Expert Alumni

Retirement tax questions

The recharacterization of a 2022 contribution is reported in your 2022 tax return but all that TurboTax does is add an explanation statement. You don't have any taxable event and therefore no changes to your refund. Therefore, you technically don't need to amend your 2022 return. But if you want to add the explanation statements for the recharacterization and withdrawal of the excess contribution with a loss then you can do so when you receive the 2023 Forms 1099-R in 2024.

 

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