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I am doing 2015
taxes. I converted $X from a traditional IRA to a Roth IRA and then
later did a recharacterization of about 2/3 of $X by putting 2/3 $X back
into the traditional IRA for tax year 2015. My broker issued a 1099R
showing the $X as a Gross Distribution from the traditional IRA for
2015. Even though I have only one 1099R, Turbotax seems to be telling
me I have to make up two new separate 1099Rs.
Is this correct, or am I missing something? Thanks
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You should have received two Forms 1099-R from the broker, one 2015 Form 1099-R for the original conversion and the other either a 2015 or 2016 Form 1099-R for the recharacterization. Enter these exactly as received and answer the follow-up questions as they apply relative to the moment that the distribution was made.
The fact that TurboTax is mentioning splitting a Form 1099-R suggests that that when entering the Form 1099-R for the original conversion you are inappropriately indicating that some portion was rolled over rather than being converted. You should instead be indicating that you converted the entire $X to a Roth IRA, then on the following page indicate that you moved some of this back to a traditional IRA. The next page will ask how much of the original conversion was left in the Roth IRA, that would be 1/3 of $X.
You should have received two Forms 1099-R from the broker, one 2015 Form 1099-R for the original conversion and the other either a 2015 or 2016 Form 1099-R for the recharacterization. Enter these exactly as received and answer the follow-up questions as they apply relative to the moment that the distribution was made.
The fact that TurboTax is mentioning splitting a Form 1099-R suggests that that when entering the Form 1099-R for the original conversion you are inappropriately indicating that some portion was rolled over rather than being converted. You should instead be indicating that you converted the entire $X to a Roth IRA, then on the following page indicate that you moved some of this back to a traditional IRA. The next page will ask how much of the original conversion was left in the Roth IRA, that would be 1/3 of $X.
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