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Subject: Backdoor IRA. I accidentally put $100 directly in Roth instead of traditional. I recharacterized it to a traditional, then converted back to Roth. How to report?
Contributed additional $6900 to complete the $7,000, but my 5498 form now shows:
1. 6900 (Contribution)
4. 99.54 ($100 recharacterized minus loss)
5. 0.02 (Fair market)
Do I report that I contributed $7,000 to Traditional IRA and then convert to Roth? Do I need to somehow report the $100 - $99.54 recharacterized?
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Thursday