kltalbot
New Member

IRA recharacterization -- no 1099-R

We realized too late that our income went above the Roth IRA threshold in 2016 (we received a promotion mid-year). We had our investment group recharacterize the 2016 contributions to a Traditional IRA, but they said since we did that in 2017, we won't get a 1099-R. I have the original contribution total and the interest earned on those. How do I report this change/recharacterization in TurboTax? Thanks!
‎June 6, 2019 4:32 AM
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macuser_22
Level 15
Level 15

Retirement tax questions

Enter the Roth IRA contribution 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.

The interview will ask if you changed your mind and recharactorized to a Traditional IRA.  Then it will ask for the amount - enter the original contribution amount.  Then it will ask for an explanation - enter the amount of contribution and the amount of earnings that were recharactorized.

Next year (2018) when you receive a 2017 1099-R with a code "R" in box 7 reporting this, you can ignore it since you would just have to amend 2016 and report it the exact same way - the 1099-R only informs the IRS of the recharacterization - it can only be reported in the IRA contribution interview as above.

**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.**

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‎June 6, 2019 4:32 AM
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