☰
✕
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
New Member
posted Apr 27, 2021 7:37:24 PM

I did backdoor IRA (recharacterization then ROTH conversion) a week ago and won't get 1099-Rs or 5498 (TD Ameritrade won't give it to me till 2022), how do I file this?

I recently did IRA recharacterizations (for both the ROTH contributions I did for 2020 and 2021) and then did a ROTH conversion for $12k ($6k for each year).

I asked TD Ameritrade to get me the 1099-Rs (one for 2020 and one for 2021) and the 5498 but they said they won't get me one until the following year (when I file for my 2021 taxes).

So how am I supposed to handle reporting my backdoor IRA? Note, I see https://ttlc.intuit.com/community/retirement/discussion/re-how-do-i-file-a-roth-recharacterization-to-a-traditional-ira-and-then-a-backdoor-roth-conversion/01/2145841 but it presumes I have a 1099-R.

Thank you.

0 3 897
3 Replies
New Member
Apr 28, 2021 4:09:48 PM

Anybody have insights? Thanks in advance.

New Member
Apr 28, 2021 4:12:19 PM

To stop clogging things up, I *think* I found my answers here: https://ttlc.intuit.com/community/retirement/discussion/report-recharacterization-of-roth-ira/00/1868847

 

 

Expert Alumni
May 1, 2021 10:59:04 AM

Yes, you will enter the recharacterization on your 2020 and 2021 tax return like this:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “IRA contributions”
  3. Click on “Jump to IRA contributions"
  4. Select “Roth IRA”
  5. Answer “No” to “Is This a Repayment of a Retirement Distribution
  6. Enter the Roth contribution amount 
  7. Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount (no earnings or losses)
  8. TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
  9. On the screen "Choose Not to Deduct IRA Contributions" answer "Yes"  (If you have a retirement plan at work and are over the income limit it will be nondeductible and you only get a screen saying $0 is deductible)

 

Then on your 2021 tax return you will enter the conversion when you get the 1099-R in 2022 for the conversion (the 1099-R with code R in box 7  for the recharacterization you can ignore since you reported it on your 2020 tax return):

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Click "Continue" and enter the information from your 1099-R
  5. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
  6. On the "Your 1099-R Entries" screen click "continue"
  7. Answer "yes" to "Any nondeductible Contributions to your IRA?" since you had any nondeductible contributions for 2020
  8. Answer the questions about the basis and value