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Retirement tax questions
I was thinking more about the above and I think my assumption was wrong and I am supposing that the 1099-R with Code "R" was received for 2025, code R is "Recharacterized IRA contribution made for 2024 or a previous year.". Entering this 1099-R triggers the prompt you are asking about that you may need to amend your 2024 taxes. See thread below and you can probably find others - 1099-R with code "R" does nothing to your return in 2025, and you need to have recorded the recharacterization in 2024 hence that prompt - but if you did that then there is presumably nothing to amend. I think from 2025 perspective as long as you have the right basis carryover from 2024 then the rest of your 8606 should work out fine.
yesterday