dmertz
Level 15

Retirement tax questions

Since your 2022 tax return included Form 8606 and no Form 5329, you apparently correction reported the Roth contribution with subsequent recharacterization, so it seems that there is nothing the needs amending on your 2022 tax return.

 

Enter both Forms 1099-R into 2023 TurboTax.  The entry of the code-R Form 1099-R will cause TurboTax to remind you that the recharacterization needed to be reflected on your 2022 tax return, which already seems to be the case.  TurboTax will otherwise ignore the code-R Form 1099-R.  As for the code-2 From 1099-R, be sure to indicate that you moved the money to another retirement account and that you converted the entire amount to Roth.  The amount carried forward from line 14 of your 2022 Form 8606 will appear on line 2 of your 2023 Form 1099-R to be used in determining how much of your conversion is nontaxable.