Roth IRA Recharachterization Statement while E-filing

[arsdean]

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?

[DanaB27 · Accepted solution]

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.

[arsdean]

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