Overfed my Roth in 2016, but fixed in 2017 before filling & listed recharacteriz on 2016 return. Now have a 2017 1099-R that shows it. Do I list again, or ignore on 2017?

lazzari1 · ‎June 6, 2019

macuser_22 · ‎June 6, 2019

A 1099-R with a code R notifies the IRS and is information to you. If entered into TurboTax it will be ignored. The only way to report a recharacterization in TurboTax is exactly the way that you already did it. Just keep the 1099-R for your records and you are done.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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macuser_22 · ‎June 6, 2019

What code is in box 7?
Did you enter that in the 2016 IRA contribution section and include an explanation statement?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

lazzari1 · ‎June 6, 2019

Code is "R". And yes, on 2016 return I identified it is re-characterized and had to add an explanation.

lazzari1 · ‎June 6, 2019

But box 2a says taxable amount is $0.00, so maybe nothing to worry about?

macuser_22 · ‎June 6, 2019

A 1099-R with a code R notifies the IRS and is information to you. If entered into TurboTax it will be ignored. The only way to report a recharacterization in TurboTax is exactly the way that you already did it. Just keep the 1099-R for your records and you are done.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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Overfed my Roth in 2016, but fixed in 2017 before filling & listed recharacteriz on 2016 return. Now have a 2017 1099-R that shows it. Do I list again, or ignore on 2017?