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Recharacterized portion of Traditional IRA to Roth IRA for 2021 Tax Year. Why am I getting the "Explain Excess Withdrawal" prompt?
I recharacterized a portion of my Traditional IRA to Roth IRA for the 2021 tax year. This was done in April 2022 ahead of the tax filing deadline.
I received a 1099-R in my 2022 tax forms that includes the recharacterized amount in box 1 as a gross distribution. Box 2a for taxable amount is $0 (I assume since I paid the tax on the 2021 return when the recharacterization was made).
Why am I getting the "Explain Excess Withdrawal" prompt? How should I enter this explanation? Turbo Tax suggests that Box 2a should not be $0 but that is what my 1099-R has.
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‎April 13, 2023
5:15 AM