My company uses Fidelity NetBenefits. That is the only retirement account I have. The contribution options in NetBenefits are: (1) PRE TAX (2) ROTH (3) EMPLOYER MATCH (4) ROLLOVER (5) AFTER TAX (6) ROTH IN PLAN CONVERSIONS.
- Of note: In 2023, I did change the % allocations in Fidelity NetBenefits (changes include updating ROTH from 0% to a#%).
I have a 1099-R (from NetBenefits) that I uploaded successfully into TurboTax's Federal > WAGES & INCOME section.
Q1: Does uploading that 1099-R suffice? There is a following question in TurboTax's Federal > WAGES & INCOME section, that asks "Tell us the value of your Roth IRA on December 31, 2023." On this:
- I am able to pull from NetBenefits a contribution summary for 1/1/2023 to 12/31/2023 (with the aforementioned (6) breakdowns), but am not sure if that's the right way to get the answer (if this question needs to be answered at all).
- When I provide the ROTH $ from this contribution summary into TurboTax, it then takes me to a page asking "Explain your recharacterization". I am not sure if changing the % allocations in Fidelity NetBenefits (changes include updating ROTH from 0% to a#%) in 2023 constitutes as a "recharacterization"?
Q2: Do I need to do anything in TurboTax's Federal > DEDUCTIONS & CREDITS section? All I have is the 1099-R (from NetBenefits), but this was uploaded successfully into TurboTax's Federal > WAGES & INCOME section.
- The farthest I've gotten here is selecting "Traditional IRA" and "Roth IRA" when asked "Select the kind of IRA(s) you own or will contribute to for 2023", given my note above. I am not clear where I can find the $s to complete subsequent questions.
