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Level 1
posted Feb 22, 2025 6:31:33 PM

Do I need to amend my previous year's return based on 1099-R?

I received 2024 1099-R with distribution code R on box 7, corresponding to recharacterization from Roth IRA to IRA I did last year. Since the recharacterization was done prior to tax filing, I was able to include form 8606 in 2023 tax return to account for non-deductible contribution. Based on this, do I still need to make amendment on my 2023 tax return? Are there any other next steps I need to consider based on this 1099-R?

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1 Best answer
Expert Alumni
Feb 23, 2025 3:15:13 AM

No, if you already entered the recharacterization on your 2023 return then you do not need to amend the 2023 return. It seems you reported everything correctly since you have a 2023 Form 8606 for the nondeductible traditional IRA contribution.

 

 

1 Replies
Expert Alumni
Feb 23, 2025 3:15:13 AM

No, if you already entered the recharacterization on your 2023 return then you do not need to amend the 2023 return. It seems you reported everything correctly since you have a 2023 Form 8606 for the nondeductible traditional IRA contribution.