I exceeded the income limits for a Roth IRA in 201...
New Member

I exceeded the income limits for a Roth IRA in 2016, so in January 2017 I recharacterized those contributions into a Traditional IRA. Do I file Form 8606 now with my 2016 taxes or later with my 2017 taxes?

 
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New Member

Retirement tax questions

Can you please tell me how you filled out the 1099-R? I am in the same situation - but can't figure out where to put what amounts (the 5500 I initially put in for the IRA and the additional 793 in earnings).
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Level 15

Retirement tax questions

If what is now your traditional IRA contribution for 2016 is a nondeductible traditional IRA contribution, your 2016 tax return must include Form 8606 to report the nondeductible contribution.  After entering the Roth IRA contribution and indicating that you recharacterized it to a traditional IRA, TurboTax will automatically prepare Form 8606 Part I to report any nondeductible traditional IRA contribution.

If the contribution ended up as an entirely deductible traditional IRA contribution, the deduction will appear on Form 1040 line 32 or Form 1040A line 17, with no need for Form 8606.

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