https://ttlc.intuit.com/community/taxes/discussion/form-8606-issues/01/3538141#M1308528 <DIV>I need assistance filling out my 8606 forms for the past 2 years, I am mostly getting confused on the earnings in my recharacterization and if they are included in the form. I appreciate any help at all! <STRONG>The pesky line 1 on form 8606 is what is giving me issues on both 2023 and 2024 taxes.</STRONG></DIV><DIV>&nbsp;</DIV><DIV>2023 taxes (figuring out if I need to amend this)</DIV><UL><LI><DIV>Contributed $3,000 to a roth IRA, got married in december 2023 and was no longer eligible.</DIV></LI><LI><DIV>January 2024 opened a new traditional IRA and recharacterized the roth amount which transferred at $3,480</DIV></LI><LI><DIV>This was nondeductible and done before I filed my taxes.</DIV></LI><LI><DIV><STRONG>Form 8606</STRONG></DIV></LI><UL><LI><DIV><STRONG>Line 1: Should it be $3,000 or $3,480?</STRONG></DIV></LI></UL></UL><DIV>2024 taxes</DIV><UL><LI><DIV>Accidently had that autopayment on for the roth and $250 got contributed to the roth IRA account in January 2024</DIV></LI><LI><DIV>February 2024: recharacterized it to the traditional and a total of $258 was transferred</DIV></LI><UL><LI><DIV>Received a 1099R form with code N for $258</DIV></LI></UL><LI><DIV>In addition I made $2,750 nondeductible contributions to the traditional IRA</DIV></LI><LI><DIV>I then converted the entirety of the traditional to the roth which was</DIV></LI><UL><LI><DIV>1099R, code 2 for $6598.70, taxable amount not determined and IRA boxes checked</DIV></LI></UL><LI><DIV><STRONG>Form 8606</STRONG></DIV></LI><UL><LI><DIV><STRONG>Line 1: Should it be $3,000 or $3,008?</STRONG></DIV></LI><LI><DIV>Line 2: Answer will be based on 2023 tax scenario</DIV></LI><LI><DIV>Line 3: Line 1 +2</DIV></LI><LI><DIV>Line 4: 0</DIV></LI><LI><DIV>Line 5:&nbsp; Same as line 3</DIV></LI><LI><DIV>Line 6: $0</DIV></LI><LI><DIV>Line 7:&nbsp; $0</DIV></LI><LI><DIV>Line 8: $6598.70</DIV></LI><LI><DIV>Line 9: $6598.70</DIV></LI><LI><DIV>Line 10: TBD on line 3</DIV></LI></UL><LI><DIV>I should be able to figure out the following lines, as long as I figure out line 1 from 2023. I would appreciate any help at all! I seem to be getting different answers everywhere!</DIV></LI></UL><DIV>I just want to make sure i'm going about this correctly!!</DIV> Tue, 04 Mar 2025 16:47:37 GMT Dancingduck 2025-03-04T16:47:37Z https://ttlc.intuit.com/community/taxes/discussion/form-8606-issues/01/3538141#M1308528 <DIV>I need assistance filling out my 8606 forms for the past 2 years, I am mostly getting confused on the earnings in my recharacterization and if they are included in the form. I appreciate any help at all! <STRONG>The pesky line 1 on form 8606 is what is giving me issues on both 2023 and 2024 taxes.</STRONG></DIV><DIV>&nbsp;</DIV><DIV>2023 taxes (figuring out if I need to amend this)</DIV><UL><LI><DIV>Contributed $3,000 to a roth IRA, got married in december 2023 and was no longer eligible.</DIV></LI><LI><DIV>January 2024 opened a new traditional IRA and recharacterized the roth amount which transferred at $3,480</DIV></LI><LI><DIV>This was nondeductible and done before I filed my taxes.</DIV></LI><LI><DIV><STRONG>Form 8606</STRONG></DIV></LI><UL><LI><DIV><STRONG>Line 1: Should it be $3,000 or $3,480?</STRONG></DIV></LI></UL></UL><DIV>2024 taxes</DIV><UL><LI><DIV>Accidently had that autopayment on for the roth and $250 got contributed to the roth IRA account in January 2024</DIV></LI><LI><DIV>February 2024: recharacterized it to the traditional and a total of $258 was transferred</DIV></LI><UL><LI><DIV>Received a 1099R form with code N for $258</DIV></LI></UL><LI><DIV>In addition I made $2,750 nondeductible contributions to the traditional IRA</DIV></LI><LI><DIV>I then converted the entirety of the traditional to the roth which was</DIV></LI><UL><LI><DIV>1099R, code 2 for $6598.70, taxable amount not determined and IRA boxes checked</DIV></LI></UL><LI><DIV><STRONG>Form 8606</STRONG></DIV></LI><UL><LI><DIV><STRONG>Line 1: Should it be $3,000 or $3,008?</STRONG></DIV></LI><LI><DIV>Line 2: Answer will be based on 2023 tax scenario</DIV></LI><LI><DIV>Line 3: Line 1 +2</DIV></LI><LI><DIV>Line 4: 0</DIV></LI><LI><DIV>Line 5:&nbsp; Same as line 3</DIV></LI><LI><DIV>Line 6: $0</DIV></LI><LI><DIV>Line 7:&nbsp; $0</DIV></LI><LI><DIV>Line 8: $6598.70</DIV></LI><LI><DIV>Line 9: $6598.70</DIV></LI><LI><DIV>Line 10: TBD on line 3</DIV></LI></UL><LI><DIV>I should be able to figure out the following lines, as long as I figure out line 1 from 2023. I would appreciate any help at all! I seem to be getting different answers everywhere!</DIV></LI></UL><DIV>I just want to make sure i'm going about this correctly!!</DIV> Tue, 04 Mar 2025 16:47:37 GMT https://ttlc.intuit.com/community/taxes/discussion/form-8606-issues/01/3538141#M1308528 Dancingduck 2025-03-04T16:47:37Z https://ttlc.intuit.com/community/taxes/discussion/re-form-8606-issues/01/3538507#M1308651 <P><SPAN style="font-size:14px;">For 2023 Line 1 should be $3,000 (the original Roth IRA contribution amount that was recharacterized without earnings). The earnings are deemed to have been earned in the traditional IRA since you recharacterized the contribution.</SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px;">For 2024 Line 1 should be $3,000 ($250 original Roth IRA contribution that was recharacterized without earnings plus $2,750 direct traditional IRA contribution).</SPAN></P> <P><SPAN style="font-size:14px;">Line 2 should be $3,000.</SPAN></P> <P>&nbsp;</P> Tue, 04 Mar 2025 18:24:05 GMT https://ttlc.intuit.com/community/taxes/discussion/re-form-8606-issues/01/3538507#M1308651 DanaB27 2025-03-04T18:24:05Z