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Financial Planning / Tax Strategies
|Subject: Re: Converted Just One of Two IRAs to a Roth||Date: 7/15/2013 9:25 PM|
|Author: TMFPMarti||Number: 118869 of 121477|
I have been away from my computer for several pleasant weeks and have just returned see if I will be able to fill out my 2013 Form 8606.
Let's burn the 2013 bridge when we come to it. Right now we're trying to get your 2012 return done with good numbers. To recap (stop reading and correct me if I'm wrong):
In 2012 you did a conversion from traditional IRA to Roth IRA.
In 2013 you recharacterized that 2012 conversion and the earnings on it back to your traditional IRA.
You seem to be having some TurboTax problems with a penalty it's generating on your 2012 return.
You should have received one 2012 1099-R. Box 1 should be the amount converted from traditional IRA to Roth IRA. Please advise what the code in Box 7 is. There should be no other 2012 1099-R's in your possession. Please advise if this is wrong, along with all details from the "new" 1099-R('s).
At this point is there no need for a Form 8606 on your 2012 return. You attach a statement describing the recharacterization in accordance with the instructions for Form 8606. Line 15a of your 1040 is equal to Box 1 of the 1099-R. Line 15b of your 1040 is zero. Line 58 of the 1040 should be zero. Please advise of anything that doesn't meet this description.
I'm unsure what, if any, IRA contribution you made for tax year 2012. Please advise, including whether the contribution was made to your traditional or Roth IRA (if a contribution for that year was made) and when it was made.
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