Doing my 2020 taxes I realized that my AGI was too high to make the Roth payments I had already made in 2020. I had my brokerage recharacterize the payment and gains into a non deductible IRA but i'm not sure how to declare the gains I made , I presume these are declared as income but when going through this section on Turbo Tax I wasn't asked.
03355
3 Replies
fanfare
Level 15
Mar 2, 2021 5:40:22 PM
what you recharacterized is the original amount you put in.
your gain is shown as a taxable amount on the 1099-R you get.
NickC2
New Member
Mar 2, 2021 5:57:03 PM
ok, when do I get the 1099-R ? Would that be in 2022 ?
So the excess can just sit in the IRA and i'll pay tax on the gains at some point?
NickC2
New Member
Mar 3, 2021 10:33:11 AM
ok, when do I get the 1099-R ? Would that be in 2022 ?
So the excess can just sit in the IRA and i'll pay tax on the gains at some point?