jcr7
Returning Member

Retirement tax questions

Thank you for the response which seems to indicate you saw my original posting which i still cannot read (need some corporate login).

 

In regards to "pre-tax funds in your traditional IRA".  For the three recharacterizations, I created a two new  Traditional IRA accounts but for the third I reused an existing Rollover IRA account. After the conversions to Roth the two new IRA accounts were empty $0 but the Rollover IRA account had its existing funds.

 

Thank you for the link: "The pro-rata rule dictates that when an IRA contains both nondeductible and deductible funds, each dollar withdrawn (or converted) from the IRA will contain a percentage of tax-free and taxable funds."  I forgot about this.  So now I have a single Schwab account with before-tax and after-tax mixed in it.  Any ideas how I can fix this? I guess it is fine if I ignore that. I had stopped depositing to it few years ago as was only using Roth IRA account there instead.

 

As for my 2022 tax return still being worked on, the preview showed  #4a IRA distributions $11,859  and #4b taxable amount $3787 and Schedule 1 #20 IRA deduction is blank.  Where can I see where the $3787  and its $8072 difference calculated? In particular two of the conversions came from IRA accounts with only after-tax dollars.  How did any of this get reflected into my Turbotax entered data?  Is there a way in Turbotax preview to see more forms?

 

I will read carefully your linked docs and steps again to compare with what I have done. Thanks again.