Forms View: "IRA Info Wks"

[Slimbo]

Am in Forms view on 2024 TurboTax Premier for Windows.  Looking at Part IV, lines 18, 19, and 20.

Line 18: "Enter the combined value of all traditional IRAs (including SEP and SIMPLE IRAs) on 12/31/2024 (See Help)."

Line 19: "If any amounts were recharacterized either to or from any traditional IRA, enter the net amounts recharacterized after 12/31/2024."

QUESTION: Any amounts recharacterized TO a traditional IRA (e.g., from a Roth) that ARE INCLUDED IN line 18?  Or that ARE IN ADDITION TO the  amount in line 18?  I assume it is the latter, but wanted to check.

Line 20:  "Enter the total amount of any traditional IRA distributions that you rolled over, or intend to roll over, to another traditional IRA, but the rollover was (or will be) made after 12/31/2024."

QUESTION: I rolled over 100% of my 401(k) to a traditional IRA on 12/31/2024 after taking my RMD from the 401(k) => my 12/31/2024 401(k) balance was zero.  However, the funds were actually added to my rollover IRA at Fidelity on 1/2/2025 => they are NOT included in line 18.  Nonetheless, I do NOT include the rollover from the 401(k) in line 20, correct?  (The verbiage in line 20 pertains to IRA's and does not mention 401(k)'s, but I wanted to make sure.)

Somewhat related: In step-by-step view, how do I get back into the section that underlies the IRA Info Wks form?  There is no "jump to" link in Help.  Tried to get there by once again going through the IRA section in Deductions, but failed.

Thanks!!!

[dmertz]

With respect to your 2024 tax return, an outstanding recharacterization is a recharacterization of a contribution made for 2024 in 2024 but recharacterized in 2025 by the due date of your tax return, including extensions.

Line 19 is added to line 18 to produce the amount to include on Form 8606 line 6.  For an outstanding recharacterization from a Roth IRA to a traditional IRA (the most common recharacterization), the amount recharacterized is entered as a positive number.  If the outstanding recharacterization was from a traditional IRA to a Roth IRA (rather rare), the amount recharacterized would be entered as a negative number.  The intent is to make the year-end value on Form 8606 be what it would have been had the contribution originally been made to the account to which it was ultimately recharacterized (without regard to any investment gain or loss attributable to the amount recharacterized).

Regarding line 20, you are correct.  You do not have an outstanding rollover to enter because the distribution was not from a traditional IRA.  Only distributions from a traditional IRA near the end of one year and rolled over to a traditional IRA early the next year are considered to be outstanding rollovers.