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Level 1
posted Apr 18, 2021 8:12:53 PM

Incorrect IRA contribution amount in 1040 4a with recharacterization of Roth IRA

I contributed $6000 early 2020 to my Roth IRA. Later in 2020, I recharaterized this $6000 + $800 earning to traditional IRA then converted it back to Roth IRA.  I received two 1099-R forms for 2020. One is for the recharaterization and the other is for the conversion. I entered the information of both 1099-R in Turbotax. Finally, this is what I have in the 8606 form:

Line 16: $6800

Line 17: $6000

Line 18 taxable amount: $800.

 

The number in 8606 form seems right. However, the amount of IRA contributions  in 1040 4a is doubled to  $12000, not $6000.  Is this due to that I entered the two 1099-R in TurboTax? How can I correct the amount in 1040 4a to $6000? Thanks.

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1 Best answer
Level 15
Apr 18, 2021 9:13:02 PM

4a is not your contributions.

 

4a is your distributions.

If you look at it that way you will see it is correct.

2 Replies
Level 15
Apr 18, 2021 9:13:02 PM

4a is not your contributions.

 

4a is your distributions.

If you look at it that way you will see it is correct.

Level 1
Apr 19, 2021 7:30:44 PM

@fanfare Got it. Thank you very much!