Single 1099-R Across Two Years with Recharacterized and Converted IRA Funds
I need some guidance please.
In April of 2017 I had to recharacterize Roth IRA contributions back to a Traditional IRA (due to income limits)...and then converting those traditional IRA funds into a Roth IRA (back-door IRA). I was doing this in 2017 for 2016 contributions. I think I had filed everything correctly in TurboTax, essentially showing the contribution as a contribution in 2016 to a traditional IRA (at that time I had no 1099-R forms).
As I'm doing my taxes for 2017, I have two 1099-R forms. The first is for distributions made from the Roth IRA (one for the April 2017 action I took noted above and the second for a similar action I had to take for 2017 contributions). The second 1099-R form I have is for the distributions from the traditional IRA (conversions I made back into the Roth IRA).
As I'm loading the second 1099-R it is showing it as all taxable. I got to the point where it will net out the 2017 conversion, but it is still trying to tax me for the $'s that are really attributable to the 2016 conversion. I also have gains on those conversions that I know I need to show as taxable income.
Can someone help walk me through the logic so I know I'm doing this right, and also, it seems like I might need to amend my tax return from last year?