Retirement tax questions

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@KrisP65 wrote:

Thanks for the quick reply

 

Regarding your comment "A 2019 1099-R with a code R in box 7 (Recharacterized IRA contribution made for 2018 and recharactorized in 2019) will tell you that you must amend 2018," I wanted to clarify that made 2018 IRA contribution in February 2019 and then recharacterized it a month later in March 2019.  As such, I'm not sure why would you suggest to amend 2018 return?

 

Then you  comment "The proper way to report the recharacterization and earnings which is to enter the 2018 IRA contribution in the IRA contribution interview section and then say yes to "Did you switch from a Roth to a Traditional IRA - recharacterize", I wanted to clarify that I didn't switch from a Roth to a Traditional IRA.  Is there a section that says "Did you switch from a Traditional IRA to a Roth - recharacterize"?  Also, when entering the 2018 IRA contribution in the IRA contribution interview section, should I enter this as the original Traditional IRA contribution or as the Roth after the recharacterization?

 

Thanks again for your help

 

 

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I am sorry, I did not edit my answer for your situation.   Most recharacterizations are Roth to Traditional IRA's.  Yours is the other  way around so it should have said:

"The proper way to report the recharacterization and earnings which is to enter the 2018 Traditional  IRA contribution in the IRA contribution interview section and then say yes to "Did you switch from a Traditional IRA to a Roth IRA - recharacterize"."

Your other question:  You said it was a 2018 contribution so it must be reported in the tax year that the contribution was for, not the year that it was made.  The code R means a recharacterization of a contribution for 2018 recharacterized in 2019 so it must be reported on yiu 2018 tax return.

Answer above edited.