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Retirement tax questions
To report the recharactorization:
Enter the Roth contribution into the IRA contribution section and say that you changed your mind and moved it to a Traditional IRA (recharactorized) and if asked that you want it all to be non-deductible. The amount recharacterized would be the amount of the Roth contribution - not any earnings. Enter an explanation statement of the amount recharactorized and earnings if any. That will create a 8606 form that will track the non-deductible basis of the non-deductible contribution.
You should receive a 1099-R next year with a code "R" in box 7. That only reports the recharacterization to the IRS and is ignored if entered into TurboTax.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
Enter the Roth contribution into the IRA contribution section and say that you changed your mind and moved it to a Traditional IRA (recharactorized) and if asked that you want it all to be non-deductible. The amount recharacterized would be the amount of the Roth contribution - not any earnings. Enter an explanation statement of the amount recharactorized and earnings if any. That will create a 8606 form that will track the non-deductible basis of the non-deductible contribution.
You should receive a 1099-R next year with a code "R" in box 7. That only reports the recharacterization to the IRS and is ignored if entered into TurboTax.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
**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 4, 2019
8:20 PM