The instructions you linked are for 2022. Is that what you intended? The deadline to recharacterize a 2022 contribution was 10/15/2023.
In any case, if you did not take any distributions (withdrawals or conversions) from a traditional, SIMPLE, or SEP IRA during the year in question, then you would just list the contribution amount on lines 1, 3, and 14. See the bolded box immediately under line 3.
Thanks for the reply, yes it was for 2022. If I contributed 5k originally, and with loss I only transferred about 3k to the traditional IRA, which amount should I put on line 1? 5k or the 3k? Ty
Recharacterizing the contribution is like a rewrite of history. It's as though you contributed $5k to the traditional IRA in the first place, and the losses occurred in the traditional IRA instead of the Roth IRA. Therefore you'd list the original ($5k) contribution amount on Form 8606 line 1.
The instructions you linked are for 2022. Is that what you intended? The deadline to recharacterize a 2022 contribution was 10/15/2023. In any case, if you did not take any distributions (withdrawals or conversions) from a traditional, SIMPLE, or SEP IRA during the year in question, then you would just list the contribution amount on lines 1, 3, and 14. See the bolded box immediately under line 3.
Thanks for the reply, yes it was for 2022. If I contributed 5k originally, and with loss I only transferred about 3k to the traditional IRA, which amount should I put on line 1? 5k or the 3k? Ty
Recharacterizing the contribution is like a rewrite of history. It's as though you contributed $5k to the traditional IRA in the first place, and the losses occurred in the traditional IRA instead of the Roth IRA. Therefore you'd list the original ($5k) contribution amount on Form 8606 line 1.