WebFeb 5, 2024 · This is called a qualified charitable distribution, or QCD.) When you file your Form 1040, you report the total distribution of $6,300 on line 4a. Then report $1,300 on … WebMay 8, 2024 · Because your contribution occurred in 2024 and the recharacterisation also occurred in 2024 (the same year), you should report $6000 on line 4a "IRA distributions" of Form 1040 but $0 on line 4b "Taxable amount" of Form 1040, and attach a statement explaining the dates of contribution and recharacterisation. Again, you won't owe any …
Correcting excess contributions to IRAs - The Tax Adviser
WebApr 8, 2024 · Thanks for your reply. My From 5498 from my brokerage for the Roth IRA says 6k contributed, and my Form 5498 for the Trad IRA says 4.9k recharacterized. I am now thinking that this is the issue and that I need to reach out to my brokerage and have them re-issue a Form 5498 for the Trad IRA that says 6k recharacterized. Do you agree? WebFidelity will report in Box 7 of IRS Form 1099-R whether you recharacterized a contribution for the current or prior year. Fidelity will report the recharacterized contribution to the receiving IRA or Roth IRA in Box 4 of IRS Form 5498 in the year that you recharacterize. Fidelity creates a letter with the details of your recharacterization to ... greensboro daily news sports
Recharacterization #2 - Roth IRA Contribution Recharacterized to ...
WebFeb 25, 2024 · You will enter the recharacterization when you enter the contribution to the Roth IRA: Login to your TurboTax Account. Click on "Search" on the top right and type “IRA contributions”. Click on “Jump to IRA contributions". Select “Roth IRA”. Answer “No” to “Is This a Repayment of a Retirement Distribution. WebI have a bit of a unique situation due to my own errors and I am hoping someone can set me straight here. Here's what happened: Contributed $6000 of post-tax dollars to both my and my wife's Roth IRA in April 2024 for tax year 2024. Realized I was over the income limit, and had our brokerage recharacterize this as a 2024 tax year contribution ... WebReport the taxable amount of your Roth IRA distribution as the "Taxable amount." If you're using Form 1040, it goes on line 15b; if using Form 1040A, it goes on line 11b. Figure the … greensboro dance and drama therapy