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Recharacterize excess Roth IRA contribution
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yxia1
Level 1
03-01-2022
10:06 PM
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Contributed Roth IRA earlier in 2021. At end of 2021, Roth IRA contribution is not qualified and was recharacterized to traditional IRA. How to enter and generate form8606.
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qbteachmt
Level 15
03-02-2022
11:28 AM
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Here is an article that should be helpful, and read to the bottom for Tax Reporting Forms:
https://www.investopedia.com/articles/retirement/03/092403.asp
That will help you determine if you need Form 8606 and how to understand the 5498 (two of them) and the 1099-R. Your program has a 1099-R worksheet.
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