1099 R for Recharacterization

[rich25]

In March 2020, I recharacterized 2019 non-deductible contributions (as well as earnings/loss on these contributions) from traditional IRA to a Roth IRA. I captured this recharacterization in 2019 taxes in turbotax. I received a 1099 R for tax year 2020. Do I need to put this 1099 R in turbotax for my 2020 tax return even though it was already addressed in my 2019 taxes?

In 2021, I converted my non-deductible 2020 traditional IRA contributions ($7000) to Roth IRA. Can I show this conversion in 2020 taxes or do I need to wait and show in 2021 taxes?  If show in 2021, would I have to do amendment to 2020 taxes?

[ErnieS0]

You do not have to enter a 1099-R from your recharacterization into TurboTax this year since you properly reported everything on your 2019 tax return.

See Champ @macuser_22's answer to: How do I amend my 2017 return, Form 1099-R, resulting from a recharacterization for Tax Year 2017, b... Nothing has changed on this since 2017.

Backdoor Roth

You will get a 2021 1099-R next year for the withdrawal of your non-deductible contribution. TurboTax will ask what you did with the money. Tell TurboTax you converted all of it. If you entered your nondeductible Traditional IRA contribution this year, TurboTax will remember this and show the conversion as not taxable. If not, you will need to add a nondeductible basis.

To enter this year's IRA contribution:

• Type ira contributions in Search in the upper right
• Select Jump to ira contributions

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