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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Recharacterize excess Roth IRA contribution
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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