Roth recharachterization exceeded limits

Forum|Forum|7 years ago
June 5, 2019
1 reply
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My husband and I contributed to our Roth IRAs in early 2017, BUT we exceeded income limits for that year. So, in March 2018, we recharacterized those contributions to non-deductible traditional IRAs. We filed Forms 8606 with our 2017 joint return along with info on the original contributions and recharacterization. Do we report any of this recharacterization info in our 2018 Turbotax return? I input one of the two 1099-R forms the custodian sent on these recharacterizations, and Turbotax is saying I may need to amend our 2016 return! Why?

TurboTax Deluxe Online

Best answer by dmertz

Upon entering a code R 2018 Form 1099-R into 2018 TurboTax would simply be reminding you that this should have been reported on your 2017 tax return. (2018 TurboTax's bullet point should say "If you've already filed your 2017 tax return without entering this recharacterization, you'll need to amend it.") Since you already did that, you can ignore the code R 2018 Form 1099-R.

dmertzAnswer

Level 15

asmita1478Author

Level 2

Thank you! So, just so I understand this accurately, I report the amount in 1099-R however, do not enter the code that mentions it was"recharachterized"?