Thanks for your assistance!
I'd like to double check with the TurboTax community on the $8,300 ($7,500 + $800 in gains) I ended up ultimately contributing to my 2023 Roth IRA via doing a back door, to make sure I didn't have an excess contribution of $800. To recap:
On Jan 22, 2024 and as noted above, I did a recharacterization of my 2023 Roth IRA Contribution to a Traditional 2023 IRA Contribution. The amount that was actually recharacterized was $7,500+ $800 in gains for a total of $8,300.
Then on Feb 9, 2024, I converted $8,300 ($7,500 + $800 gains) from my traditional IRA account to my Roth IRA account for the 2023 tax year to complete the back door Roth IRA contribution.
Based on the above, it apprears to me that I made a $8,300 contribution to my 2023 Roth IRA, and I should have made a $800 distribution from my Roth IRA (to net my contibution to $7,500) before the filing of my 2023 Tax Return in order to avoid a 6% penalty and the filing of a Form 5329.
It appears to me that I might have filed my 2023 Tax Return incorrectly(?), and can use some assistance with how to handle in TurboTax for 2024. Thanks for your help!
