DanaB27
Expert Alumni

Retirement tax questions

1 and 2. No, you don't have an excess contribution in the previous year because you recharacterized it. You will answer "No".

 

3. No, the 2021 recharacterization won't be entered in your 2021 return.

 

 

If you elected on your 2021 return to make the recharacterized contribution nondeductible (or it was automatically nondeductible) then you should have a 2021 Form 8606 with the basis on line 14. Please keep that for your records. You will need to enter it when you take a distribution or make a conversion. 

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