We surpassed the income threshold in 2022 for a Roth IRA. When filing 2022 taxes we recharacterized the funds and completed the back door Roth. (Recharacterized the 2022 IRA in March 2023.)
In January 2024 we have now received the following forms and are unsure how to handle.
- 1099-R Gross Distribution $5k, Taxable Amount $5k, 2b unchecked. Distribution code: R, IRA/SEP/Simple unchecked. (I think this is the form showing the Recharacterization from Roth to Traditional.)
- 1099-R Gross Distribution $5k, Taxable Amount $5k, 2b Taxable Amount not determined is checked. Total distribution is checked. With distribution code 2 and IRA/SEP/Simple checked. (I think this may be the form showing we transferred this amount from a Traditional IRA to a Roth.)
Questions -
- Do I input both forms when filing taxes for 2023?
- Do I need to amend 2022? When filing 2022 Turbo Tax made me aware of the need to recharacterize. How do I know if I already did what needed to be done for 2022?
Thank you!
