TurboTax requires two different numbers when you're performing a recharacterization, the original contribution amount and the total transfer amount. If the amount recharacterized is blank, that means...
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TurboTax requires two different numbers when you're performing a recharacterization, the original contribution amount and the total transfer amount. If the amount recharacterized is blank, that means the data did not map correctly.
To resolve the blank line on your Form 8606, do the following:
First, delete the IRA contribution entry by going to the Deductions & Credits, Retirement and Investments.
Note: Be sure to also delete the sample 1099-R(s) you entered by going to Income, Retirement Plans and Social Security and selecting the trash can icon to the right of your 1099-R.
Next, re-enter the contributions:
Enter the Roth IRA contribution first
Answer "Yes" to "Did you recharacterize...over to a traditional IRA contribution?"
Enter the $7,000 in the, "How much of your contribution to this Roth did you switch...?"
In the next screen is where you are asked about the origination date, recharcterization date, reason and Amount transferred, including earnings ($7,100)
Continue answering the interview questions related to your prior year Roth contributions and conversions
Next step, enter the conversion (Backdoor step) via the Form 1099-R in the Income section by doing the following:
Go to Income on the left panel within your TurboTax account
Click on the +Add more income box
Scroll down to Retirement Plans and Social Security and click the down arrow to expand
Click Start to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R)
Click on +Add a 1099-R, select the Enter a different way box, then Type it in myself