In 2018, I recharacterized a 2018 Roth IRA contribution to a Traditional IRA and then followed that up with a conversion of 100% of the Traditional IRA back to a Roth IRA. I have no other Traditional IRAs. As a caution, I was advised by a financial advisor not to rollover any employer money as it was said that this could cause me issues on Form 8606. I assume they were talking about rolling over 401k money (for example) and I assume they meant moving that to Traditional IRAs or Roth IRAs. No problem, I have not done that. However, I was just curious what issues this person might have been concerned with. Any ideas? If you can specify line numbers on form 8606 where the issues would occur, that would be awesome.
As a follow up question, keeping in mind the recharacterization/conversion situation above, would it be okay to transfer a Roth IRA from one institution to another in 2019? This would be done via a direct institution to institution transfer. I would never touch the money. Basically, I just want to make sure, in light of my situation above, that I don't cause myself any issues by transferring my Roth IRA to another institution in 2019. I don't believe direct transfers like this are reported on any tax forms, but I wanted to check with you guys just to make sure. If I am wrong, can you tell me which form or forms this is reported on?
Finally, again keeping in mind the above (recharacterization/conversion & transfer of assets), do you see any issues with me continuing to do future backdoor Roths?
If this is too much to answer, don't worry about it. I understand. Thank you for looking.
