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Get your taxes done using TurboTax
You do not have an excess contribution as KeshaH and MarilynG1 stated in their answers. You entered your recharacterization correctly on your 2023 return and the 800 gain is deemed to have been earned in the traditional IRA since you made a recharacterization. Do not request a return of excess contribution.
When you make the conversion to Roth IRA the $800 gain, deemed to have been earned in the traditional IRA, will be taxable and therefore appear on line 4b.
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‎February 9, 2025
3:51 AM