Rechar. of RIRA , 1099-R forms

In April 2017, I took a Pax World TIRA and converted it to a ROTH. Then about two weeks later I decided I did not want the RIRA. Called the Pax World people and they converted the RIRA back to a TIRA. All of this was done in house. The original TIRA was in Pax World, the ROTH IRA stayed in Pax World, and the new TIRA is in Pax World. I was sent two 1099-R forms. One shows Box one with distribution and Box two with the same distribution. Another 1099-R shows a distribution in box one but none in box two. Although I placed the IRA back in a TIRA it looks like I am going to pay taxes on the one 1009-R form that has taxable amount in box 2a. What can I do to make sure I do not have to pay taxes on this rechar. ? I do have some money different from the amount going in to that taking out but it is about 25.00 dollars. I am using Turbo Tax and have not entered any of these numbers yet? Thanks for the help.



Turbotax will probably have you report both the conversion and the recharacterization, and the latter will erase the taxable income for the conversion. Form 8606 does not apply since the conversion has been erased. Your Form 1040 should end up with the total Box 1 amounts on line 15a and nothing on 15b. There should also be a screen to enter an explanatory statement indicating the date and amount of the conversion, the date and amount of the conversion that was recharacterized, and what the value was when transferred back to the TIRA.

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