Reply To: Roth IRA recharacterized to TIRA

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#5654
marinakit
Participant

Thank you, Alan!

1. Do I understand it correctly that next year we can safely ignore Form 1099-R (coded R) for the re-characterized amount and not report it on 2020 return as it pertains to prior year and was already reported on his 2019 tax return by including an explanation of the recharacterization?
2. I don’t see any way to claim the losses in his Roth IRA incurred due to recharacterization as he had other Roth accounts besides the one that was recharacterized, correct? If he did not have other Roth accounts could he claim the loss? In the past – may be, but after the tax reform – probably not?