Activity Feed for Coach209
- Posted Thanks, macuser_22! So, from your responses, I think I ha... on Retirement tax questions. June 3, 2019 1:29 PM
- Posted Thanks, macuser_22. So, the higher-than-$6,500 amounts on... on Retirement tax questions. June 3, 2019 1:29 PM
- Posted Thank you, TurboTaxLisaBr! From your answer, I suspect I... on Retirement tax questions. June 3, 2019 1:29 PM
- Posted Recharacterization of Roth IRA contributions to non-deductible traditional IRAs; I need help! on Retirement tax questions. June 3, 2019 1:29 PM
Coach209
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June 3, 2019
1:29 PM
Thanks, macuser_22! So, from your responses, I think I have already done what I needed to on our 2016 return, the 1099-Rs that the custodian, with the $6,500 original amount plus earning was for our information only, and that I do NOT need to include any of this, even the 1099-R forms in our 2017 Turbotax return. As you said early, "If you already did that in 2016, then there is nothing else to do." Nice! Thanks again.
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June 3, 2019
1:29 PM
Thanks, macuser_22. So, the higher-than-$6,500 amounts on the 2017 1099-Rs from the custodian are not a problem and should not be input. I guess these are for my information only.
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June 3, 2019
1:29 PM
Thank you, TurboTaxLisaBr! From your answer, I suspect I do NOT need to address these recharacterizations in any way on my 2017 federal income tax return in TurboTax and I should NOT include the two 1099-Rs in what I input to TurboTax for 2017. Is this correct? Thanks again.
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June 3, 2019
1:29 PM
My wife and I contributed to our Roth IRAs in early 2016, BUT we exceeded income limits for that year. So, in March 2017, we recharacterized those contributions to non-deductible traditional IRAs. We filed Forms 8606 with our 2016 joint return along with info on the original contributions and recharacterization. Do we report any of this recharacterization info in our 2017 Turbotax return? I input one of the two 1099-R forms the custodian sent on these recharacterizations, and Turbotax is saying I may need to amend our 2016 return! Why? Also, our original, early 2016, Roth contributions were both $6,500 (since we are over 55). However, the recharacterization amounts, or gross distributions in line 1 of the 1099-Rs from our custodian, are both over $6,500. Is this anything to be concerned with, as far as non-deductible IRA contribution limits? These recharacterized amounts were given in our 2016 return on an "additional information" page for the forms 8606. Thanks for any help!
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| Date Registered | June 3, 2019 1:29 PM |
| Date Last Visited | June 3, 2019 2:00 PM |
| Total Messages Posted | 4 |