On 11/19/2014, I contributed $5500 to my Roth IRA for tax year 2014 that ended up being $3000 too high due to income limits. On 4/13/2015 I had $3000 of my contribution recharacterized as a non-deductible contribution to an existing traditional IRA at the same financial institution.
In my 2014 tax return, I included Form 8606 with $3000 entered on line 1. Line 15a of my form 1040 is blank, but the explanation for line 15a included with my tax return indicates:
- date of original contribution (11/19/2014)
- date of recharacterization (04/13/2015)
- the amount recharacterized ($3000)
- the amount transferred ($3000)
- Reason for the Recharacterization: income too high for 2014
Now I am doing my taxes for 2015 and after entering my form 1099-R, TurboTax says:
It Looks Like You May Need to Amend Your 2014 Return
Here's why: Your 1099-R reports earnings on a contribution you made in 2014. This information needs to go on your 2014 return. If you've already filed your 2014 return, then you'll need to amend it. Here's how.
My question: Do I really need to amend my 2014 return? It looks like the only discrepancy is in my included statement, where I indicated that $3000 was transferred, but it was actually $3136.78. Is there anything else that needs to be updated in my 2014 return?
