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How do I report conversions and/or recharacterizations from Form 5498?

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How do I report conversions and/or recharacterizations from Form 5498?

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Form 8606 is used to report conversions and recharacterizations. Form 8606 usually balances the distribution reported on Form 1099-R. Failure to complete Form 8606, may result in a penalty. Please refer to the IRS Instructions for Form 8606 for more information.

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