Permalink Submitted by Alan - IRA critic on Mon, 2020-04-20 21:49
Yes, an explanatory statement should have been filed with the 2019 return so the IRS would know that there was no excess contribution since the 1099R reporting the recharacterization will not be issued until next January.
That said, in recent years the IRS has been very slow to assess excess contributions (if at all) and have been waiting until after the 1099R forms such as this have been issued. Therefore, given the current state of chaos at the IRS due to laws changing every week, you would be doing them a favor to avoid filing the 1040X when there are no current tax dollars involved. In the extremely slim chance they contact you sooner, all you have to do is provide a copy of your IRA statement showing the recharacterization transfer.
Permalink Submitted by Alan - IRA critic on Mon, 2020-04-20 21:49