Roth IRA Recharachterization Statement while E-filing

Forum|Forum|4 years ago
April 6, 2022
1 reply
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Hi - due to an overcontribution, I had to recharacterize my full contribution from a Roth to a Traditional IRA. This generated a Recharacterization Explanation Statement where I included all of the details for the transaction. My question is: will this statement be included automatically when I e-file or do I need to mail it in physically?

Best answer by DanaB27

Yes, it will be included when you e-file, you do not need to mail it.

If you recharacterized a 2021 contribution in 2022 You will get Form 1099-R for the recharacterization with code R-Recharacterized IRA contribution made for 2021 and this belongs on the 2021 return. But a Form 1099-R with code R will do nothing to your return. You can only report it with the explanation statement. Therefore, you can ignore the Form 1099-R with code R when you get it in 2023.

DanaB27Answer

Level 15

Yes, it will be included when you e-file, you do not need to mail it.

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arsdeanAuthor

Level 3

Bumping up this old thread after 1 year. I just got (in Jan 2023) the 1099-R statement for the recharacterization discussed above. So do I enter this on my 2022 return or do I need to go back and amend my 2021 return (where the explanation was included) ?

Thanks you