- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
You characterize the amount of the original contribution, not the earnings or losses. If the contribution was $3,000 then that is the amount of the recharacterization. The earnings are accounted for o a 1099-R form and your explanations statement for the recharactorization. The is no change in the tax or IRA basis.
No need to amend a do-nothing amended return. If the IRS questions it (doubtful) just answer their letter with the facts - easier than amending.
No need to amend a do-nothing amended return. If the IRS questions it (doubtful) just answer their letter with the facts - easier than amending.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 3, 2019
10:34 AM