In April 2017 I contributed 5500 to a Roth IRA for tax year 2016 (I was under the income limit for this year).
November rolls around and (here’s where my error starts) I think to myself “oh no, I exceeded the income limit for 2017 (2017 my income DID exceed the limit) and I shouldn’t have contributed the 5500 earlier in the year." So I decide to recharacterize the Roth to a tIRA and then a few days later convert it backdoor to a Roth.
Vanguard issued me two 1099-Rs for tax year 2017. I believe one is for the recharacterization and one is for the conversion. I entered both into my 2017 taxes. In addition, in January I contributed 5500 to my tIRA for the 2017 tax year and converted to Roth a few days later, and I also entered that contribution into TurboTax. I assume Vanguard will issue that 1099-R next January.
I’m struggling to understand the implications of this. Mainly, does this affect the 2016 return in any way and do I have to amend it? On my 2017 return, it is showing line 15a IRA distributions as 11000 and taxable amount as 5500 which I’m guessing is the result of that error.
Thoughts? Thanks
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