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Recharacterization of Roth IRA contributions to non-deductible traditional IRAs; I need help!
My wife and I contributed to our Roth IRAs in early 2016, BUT we exceeded income limits for that year. So, in March 2017, we recharacterized those contributions to non-deductible traditional IRAs. We filed Forms 8606 with our 2016 joint return along with info on the original contributions and recharacterization. Do we report any of this recharacterization info in our 2017 Turbotax return? I input one of the two 1099-R forms the custodian sent on these recharacterizations, and Turbotax is saying I may need to amend our 2016 return! Why?
Also, our original, early 2016, Roth contributions were both $6,500 (since we are over 55). However, the recharacterization amounts, or gross distributions in line 1 of the 1099-Rs from our custodian, are both over $6,500. Is this anything to be concerned with, as far as non-deductible IRA contribution limits? These recharacterized amounts were given in our 2016 return on an "additional information" page for the forms 8606. Thanks for any help!