Looking4Ward
Full time employment: Posting here.
In 2015 I converted a portion of my tIRA to a Roth. In January of 2016, I re-characterized the entire conversion.
Used TurboTax to do my 2015 taxes in March of 2016, after having it download all forms from Vanguard it picked up on the distribution and the exemption code, and asked if any or all was re-characterized. I answered Yes and went on to file my return online. Apparently, TT didn't include the distribution anywhere on my return.
Last month I got the letter from the IRS about "unreported income" with the amount of taxes and penalties due.
I responded with copies of forms 5498 and 1099-R that Vanguard furnished just this year (which I didn't even know they existed thus never filed an amended return) with a statement that the amounts in question were a tIRA to Roth conversion that was then re-characterized.
Do you think that will be sufficient? I only got a letter back acknowledging that they received my information and will review it.
Used TurboTax to do my 2015 taxes in March of 2016, after having it download all forms from Vanguard it picked up on the distribution and the exemption code, and asked if any or all was re-characterized. I answered Yes and went on to file my return online. Apparently, TT didn't include the distribution anywhere on my return.
Last month I got the letter from the IRS about "unreported income" with the amount of taxes and penalties due.
I responded with copies of forms 5498 and 1099-R that Vanguard furnished just this year (which I didn't even know they existed thus never filed an amended return) with a statement that the amounts in question were a tIRA to Roth conversion that was then re-characterized.
Do you think that will be sufficient? I only got a letter back acknowledging that they received my information and will review it.