- Roth income limits were exceeded in 2016 so I recharacterized in February 2017 to the traditional IRA
- I did report the Traditional IRA contribution with Form 8606 on my 2016 tax return
- I recently received a 2017 Form 1099-R from Vanguard for the Roth distribution in 2017, so I'm not sure if I need to amend my 2016 return or incorporate the 1099-R into my 2017 return? The distribution code on the 1099-R does show "R"(Recharacterized IRA contribution made for 2016 and recharacterized in 2017). The funds did remain with Vanguard for the recharacterization to the traditional IRA
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The recharacterization required an explanation statement to be included with your 2016 tax return to explain how your Roth IRA contribution became a traditional IRA contribution, the amount recharacterized and the amount transferred from the Roth IRA to the traditional IRA. Without this explanation, the IRS may question the reporting of the nondeductible traditional IRA contribution. At this point I would do anything with your 2016 tax return except retain the details that would be necessary to provide the explanation if the IRS ever questions the From 8606. Otherwise you can ignore the code R 2017 Form 1099-R. Entering into 2017 TurboTax will have no effect on your filed tax return.
The recharacterization required an explanation statement to be included with your 2016 tax return to explain how your Roth IRA contribution became a traditional IRA contribution, the amount recharacterized and the amount transferred from the Roth IRA to the traditional IRA. Without this explanation, the IRS may question the reporting of the nondeductible traditional IRA contribution. At this point I would do anything with your 2016 tax return except retain the details that would be necessary to provide the explanation if the IRS ever questions the From 8606. Otherwise you can ignore the code R 2017 Form 1099-R. Entering into 2017 TurboTax will have no effect on your filed tax return.
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