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Recharacterization of Roth IRA to traditional IRA then backdoor Roth IRA + 401K rollover
Timeline:
- I mistakenly contributed $2236 to my Roth IRA in 2022 not realizing my MAGI exceeded the annual limit.
- I recharacterized the full $2236 amount in 2023 as a Traditional IRA ($2223 actually got transferred), and then converted $2246 back to a Roth IRA in 2023. At the time of conversion, I had no pretax TIRA balance.
- In 2023, I also did a rollover from an old 401K plan to my new brokerage account where some funds will roll into a Roth, and some will roll into a Traditional account.
- Keeping in mind the Pro Rata rule for the Backdoor conversion, I intend to roll these funds to my new 401K plan to keep my Traditional IRA account empty.
I'm assuming in 2024 I will receive 4 1099-R's documenting:
- Backdoor conversion from Traditional IRA to Roth IRA
- Recharacterizing the Roth IRA to Traditional (this information will be documented in an explanation statement in my 2022 tax return).
- Rollover from 401K to Roth IRA
- Rollover from 401K to Traditional IRA
Questions:
- How do I report this accurately on my 2022 return?
- I assume I enter the $2236 contribution to my Roth IRA on my 2022 tax return and denote that it's a recharacterization + provide explanation statement.
- For my 2022 return, do I also need to file a Form 8606 to report the $2236 non-deductible traditional IRA contribution? Given that the conversion happened in 2023, do I also report the conversion on my 2022 tax return? Do I report the 2023 401K to IRA rollover on this form?
- How do I report this accurately on my 2023 return?
- I assume I enter information from my 1099-R to report the rollover back to Roth IRA.
- For my 2023 return, do I need to file a Form 8606 to report the conversion? Do I report the 2023 401K to IRA rollover on this form?
Topics:
‎June 20, 2023
9:53 AM