windmill Posted March 16, 2008 Report Share Posted March 16, 2008 Client converted $15,000 to a Roth from traditional IRA. 1099-R show the $15,000 with code 7. He realized he was over the $100,000 in income so he couldn't convert. In October 07, he reversed the transaction(recharacterize). So he get another 1099-R with code N for recharacterization. This 1099-R has box 1, $15000, box 2 has zero taxable, and code N. How do I input the recharacterization 1099-R into ATX? ATX does not back out the $15000. Any advice would be appreciated. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 16, 2008 Report Share Posted March 16, 2008 When I tried this, using code N, the program properly reported the amount in box 16a. with no amount shown in line 16b. Try restoring the box for the code, then reenter the code. But you need to correct the first 1099R, since it was 'corrected' by the recharacterization. Do that by adding the rolled back amount on the first 1099R. in the third box, for 'amount in Box 2 that was rolled over'. Quote Link to comment Share on other sites More sharing options...
windmill Posted March 16, 2008 Author Report Share Posted March 16, 2008 Thanks, KC Quote Link to comment Share on other sites More sharing options...
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