2022 taxes: 1099-r reports earnings from a contribution made in 2021 needs to go on 2021 taxes now what?

[debbieacog]

Hello!

Made a maximum contribution in March of 2021 to a traditional IRA.  Due to unforeseen circumstances, upon doing taxes in 2022, had to recharacterize it as a Roth contribution.  Doing that took earnings with it, which were a couple hundred dollars (so the gross distribution from the 1099-r reflects the contribution plus those earnings.).  TurboTax now says "Your 1099-R reports earnings on a contribution you made in 2021.  This information needs to go on your 2021 return." and if it's been filed, to amend it.  In what way is the 2021 tax return to be amended?  Went through TT's IRA steps again for 2021 and don't see where to amend ... there is already a note about recharacterization as a Roth.   Also - it's a pity you can't copy and paste from TurboTax's screen ... I've re-typed what it says 4-5 times now in Googling for answers before posting here...!

[ThomasM125 · Accepted solution]

You need to enter the 1099-R you received for 2022 on your 2021 tax return. Then, the earnings will be taxed in 2021. You will see an option to amend your 2021 tax return on your home page when you log into your Turbo Tax program. Choose that option to download the 2021 amend program and then add your 1099-R that you received for 2022.