Do I file a Form 8606 along with a 1040-X when I recharacterize my 2023 traditional IRA contribution to a Roth contribution if there is no nondeductible IRA contribution or do I only file the 1040-X with an explanatory statement.
With no previously reported nondeductible traditional IRA contribution, there is no change to any previously filed Form 8606 for that year, so only the Form 1040-X with explanation would be filed showing the change in AGI resulting from the removal of the deduction for the original traditional IRA contribution. Roth IRA contributions are not reported on Form 8606.
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