How to "explain your recharacterization"

DatWunGuy — Sat, 20 Feb 2021 05:49:18 GMT

I recharacterized my entire Traditional IRA into my roth IRA last year. This year I received a 1099-R from my vanguard and I believe I need to fill out a form 8606. To my understanding, Turbo Tax home and business fills out this form for me, but I am stuck at a screen where I need to "explain my characterization."

How do I explain my characterization? (As in what exact wording do I use? Is there an example of the exact wording?)
Do I need to calculate anything on interest, gains, etc. or is that handled by Turbo Tax?
Does Turbo tax have a call center in which we can call in and ask these questions?

Thank you

Re: How to "explain your recharacterization"

fanfare — Sat, 20 Feb 2021 06:31:54 GMT

If you are using CD/Download version proceed as follows.

Open form 1040 in Forms Mode.

Click on the dollar amount of your IRA or 401k.

A magnifying glass will appear. Click on that.

This will take you to a Worksheet.

Look for the tiny "Explain" button. Click on that.
the form will open.

To explain, just tell IRS what you did, briefly.

Include dates and amounts.

Note: instructions based on TurboTax 2018. It should still be the same in 2020.

topic How to "explain your recharacterization" in Get your taxes done using TurboTax

How to "explain your recharacterization"

Re: How to "explain your recharacterization"