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Updated about 3 years ago on . Most recent reply presented by

User Stats

75
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34
Votes
Gopichand N.
  • Investor
  • San Jose, CA
34
Votes |
75
Posts

how to report Backdoor IRA error ?

Gopichand N.
  • Investor
  • San Jose, CA
Posted

In 2021,I was doing a backdoor IRA for the first time and incorrectly did a re-characterization for $6000 instead of conversion,I realized the mistake and corrected if after few days, in the mean time the value has gone down to $5779,I did not have any gains, now i got a 1099-R for my Roth IRA for the incorrect conversion?any guidance on what do I have to do in tax returns for this ?