☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Jun 6, 2019 3:15:44 AM

For 2015 year tax return, contributed to tax deductible IRA, converted to Roth in 2015. Re-characterized in April 2016. How to handle the 2016 1099R received in 2017?

When filing 2015 tax return, indicated contribution to IRA(received form 5498), converted to Roth(received form 1099R & 5498) and Re-characterized back to IRA account (Answer Turbo Tax questions-Move/Re-Characterized the entire amount from Roth back to traditional IRA).  Received tax deduction for the IRA contribution and no tax for the conversion in 2015 return.  When entering the re-characterization 1099R, received in 2017, in 2016 tax return.  Turbo tax indicated 'MAY' need to amend 2015 tax return?  Should this 1099R be entered in 2015 or 2016 tax return? Under what conditions, needs to amend 2015 tax return?

0 1 399
1 Best answer
Level 15
Jun 6, 2019 3:15:46 AM

Since you already reported the recharacterization on your 2015 tax return, you do not need to amend.  This message in TurboTax is mainly a reminder for those who recharacterized a 2015 conversion or contribution after filing their 2015 tax return.

1 Replies
Level 15
Jun 6, 2019 3:15:46 AM

Since you already reported the recharacterization on your 2015 tax return, you do not need to amend.  This message in TurboTax is mainly a reminder for those who recharacterized a 2015 conversion or contribution after filing their 2015 tax return.