My Situation:
When preparing my 2024 tax return, I contributed $7,000 to my Roth IRA on January 10, 2025. However, on February 12, 2025, I realized that my income exceeded the Roth IRA limit. I contacted my brokerage and completed a recharacterization from my Roth IRA to a Traditional IRA. The total amount recharacterized was $7,095 (original $7,000 + $95 earnings).
On February 14, 2025, I completed a Backdoor Roth IRA conversion by transferring the funds from my Traditional IRA back to my Roth IRA. The amount converted was $7,195 ($7,095 + $100 earnings while in the Traditional IRA for two days).
Since all these transactions after 12/21/2024, I did not receive any tax forms related to these transactions for my 2024 tax filing.
My Questions:
- How do I properly report this on TurboTax for my 2024 tax return? If possible, I would appreciate step-by-step instructions.
- When filling out the Traditional IRA and Roth IRA section on TurboTax, should I check both accounts, or just one, based on my situation?
Thank you very much for your help!
