Hi folks - started reading this forum (and investing) 2 years ago and finally decided to post something since I couldn't find the answer by searching. Thanks for all the excellent info so far
Contributed $5000 in 2012 to ROTH IRA
Got more income than expected, recharacterized $2500
Fidelity transfers $2574 to my TIRA
Converted TIRA (only has the $2574) to ROTH IRA on 2013
I did not receive a 1099-R. On my 2012 tax return, do I declare the $74 gain and pay its taxes somewhere? Or is that payment deferred until my 2013 tax return?
As a bonus, what do you put as "Reason for Recharacterization"? This is for the Explanation Statement on conversions using TurboTax.