Get your taxes done using TurboTax

You will enter the recharacterization when you enter the contribution to the Roth IRA: 

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “IRA contributions” 
3. Click on “Jump to IRA contributions"
4. Select "Traditional IRA" and “Roth IRA”
5. Answer ‘Yes” on the “Traditional IRA Contribution” screen
6. Answer “No” to “Is This a Repayment of a Retirement Distribution
7. Enter the total traditional IRA contribution amount (direct contribution of $150)
8. Answer ‘Yes” on the “Roth IRA Contribution” screen
9. Answer “No” to “Is This a Repayment of a Retirement Distribution
10. Enter the total Roth contribution amount of $7,350
11. Answer “Yes” to the recharacterized question on the “Switch from a Roth To a Traditional IRA?” screen and enter the contribution amount of $3,000 that you recharacterized to traditional IRA (no earnings or losses) on the next screen.
12. TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
13. On the penalty screen enter the excess contribution amount that you withdrew before the extended due date
14. On the screen "Choose Not to Deduct IRA Contributions" answer "No" since you want to take the deduction. (If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible)

To clarify, when did you withdraw the 2023 excess contribution amount? You requested the withdrawal of excess Roth IRA contribution plus earnings?