Hi Turbo Tax Community,
In March of 2021, I made the following Roth IRA contributions:
1) $6,000 allocated for 2020.
2) $6,000 allocated for 2021.
In April 2021, I got a new job and am now above the income limit.
As a result, in October 2021, I recharacterized $6,abc ($6,000 + interest) into a Traditional IRA.
In December 2021, I converted $6,xyz (not the full $6,acb) of the traditional IRA balance to Roth IRA via the "back door" conversion.
Any help is appreciated for how to reflect this in my taxes! Thank you so much!
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You will enter the recharacterization when you enter the contribution to the Roth IRA:
To enter the 1099-R conversion:
Thank you - do I need to do anything re Traditional IRA?
No, you do not enter anything under the traditional IRA. You will enter only your recharacterization and make it nondeductible in the IRA contribution section.
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