Back in February 2019, I made a 2018 contribution to my Regular IRA. Subsequently, while completing my 2018 taxes, I realized that this contribution will not be tax deductible. As a result, I requested the mutual fund managing this IRA to recharacterize the 2018 contribution into my ROTH IRA.
Earlier this month, I received a form 1099-R with 'R' in box 7 and decided to contact the mutual fund. During the call, the mutual fund rep. advised that they'll issue a form 5498 in May. Accordingly, this form will 'wash' the distribution reported on the form 1099-R and I don't have to report it.
Is this the case? If not, what's the proper way to report this recharacterization of the non-deductible Regular IRA into the ROTH IRA?
