Hi TT community, need some help and guidance.
In 2018 calendar year, I had contributed $5500 into my Roth IRA. When Jan 2019 came around, I realized my MAGI was too high so I had to re characterize a portion of my Roth IRA to a Traditional IRA. This portion came out to be $2570 + gains. After moving this out, I converted it into my Roth IRA again (backdoor Roth) and voila. This was done in Jan of 2019. There was no 1099 generated for the recharacterization and conversion due to me doing it in Jan 2019.
Also in 2019, I moved $6000 into my traditional IRA and backdoored it into my Roth IRA.
So now in Jan 2020, my bank generated the 1099 tax forms, one for my re-characterization ($2616.50 = $2570 + gains) and one for my traditional IRA contributions ($8616.52 = 6000 + 2616.52).
So my questions are
1. In 2018, because I did not have the generated forms, I only put down $2570.00 on my form 8606 re-characterization. This was done by TurboTax and talking to the advisers. Now that I have the 1099 form for the re-characterization, how do I go making this amendment? The 1099 shows $2616.50 with distribution code R.
2. My 1099 for my traditional IRA contributions shows $8616.52. Technically for 2019, only $6000 was contributed into my IRA and for 2018 it was $2616.52 (the recharacterization), How do I report this for my 2019 tax returns? I then converted this sum back to my Roth.
Thanks for any help
