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I funded a ROTH IRA in 2016 to $5500 & recharacterized $4400 to a traditional IRA today to stay under the limit.Do I list only the $4400 as recharacterized if I had gains
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I funded a ROTH IRA in 2016 to $5500 & recharacterized $4400 to a traditional IRA today to stay under the limit.Do I list only the $4400 as recharacterized if I had gains
Yes, that is correct. You recharacterized $4,400, but more was transferred due to earnings that were required to accompany the amount that was recharacterized. Box 1 of the Form 1099-R reports the amount transferred, not the amount recharacterized. Your explanation statement should provide the details, including the amount that was recharacterized.
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