Overfunding IRA Contribution and Form 5498

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drzzzzz
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Joined: Sat Sep 22, 2012 9:56 pm

Overfunding IRA Contribution and Form 5498

Post by drzzzzz » Thu Oct 05, 2017 4:32 pm

HI
In 2016 I inadvertently contributed 6500 twice to two traditional IRA accounts (for a total of 13000) that I subsequently rolled over into Roth IRA accounts. I realized my mistake in early 2017 and recharacterized 6500 plus earnings back to a traditional IRA and then withdrew the money out of the traditional IRA. So I really only contributed 6500 to a traditional ira, then converted that into a roth IRA

So in terms of paperwork, I have two 5498 forms for 6500 each showing an IRA contribution, and two 1099 showing 6500 in distributions, and a form 5498 showing that 13,000 was converted to a Roth IRA. What do I need to report since I recharacterized the 6500 (although that was done in 2017) and in reality only 6500 went into an IRA and was then rolled over and the other 6500 was recharacterized and the contribution withdrawn - so should this be a letter or do I need to fill a form such as an 8606 or some other way to do this? Also how would I report on line 15a and 15b on the 1040

thanks for any advice

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