How do I report the return of excess contribution in TurboTax 2023 downloaded version?
In 2023, I contributed $2000 to a Roth IRA and invested it. Three months later, I realized I wasn't eligible to contribute to a Roth IRA due to exceeding the income limit. I contacted my brokerage to request a return of excess contribution. However, due to market fluctuations, the returned amount was $1922 instead of the original $2000. At the end of 2023, I received 1099R and 5498 forms from my brokerage. How should I report this return of excess on my taxes?
As an additional note, I also contributed the full $6500 to a Traditional IRA and immediately converted it to a Roth IRA. Consequently, I have another set of 1099R and 5498 forms. Since the return of excess and the backdoor Roth conversion are independent events, I assume I can report them separately to the IRS. Please let me know if my understanding is incorrect.
