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URL:  http://boards.fool.com/ira-recharacterizationdistribution-30523272.aspx

Subject:  IRA Recharacterization/Distribution? Date:  2/4/2013  8:12 AM
Author:  hk2 Number:  117614 of 121095

Late last year I mistakenly made a deposit to a regular IRA instead of my Roth.

I conducted a recharacterization and the money was moved from the regular IRA to the Roth..

I received a 1099-R for a distribution of those funds from the regular IRA.

Is this to be expected?

If so, how do I account for this on my tax forms? I hate to think that I'd have to pay tax on this, especially since the initial deposit was from after tax funds.

Do I claim the initial deposit and the distribution so that the tax issue is a wash?

What about the early withdrawal penalty?



Thanks,
Jim
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