OK thanks. Let's see if I can figure this out with the TurboTax for Mac. If not I may have to switch to TurboTax online and start all over again which would be a lot of work.
In the Federal Taxes / Deductions & Credits section / Tell Us How Much You Contributed screen, I entered my $7,000 contribution, and I entered that all $7,000 was contributed between 1/1/21 and 5/17/21. The next screen asks "Tell Us How Much You Transferred. How much of the $7,000 you contributed to the traditional IRA for 2020 did you switch, or "recharacterize" (this does not include conversions or rollovers), to a Roth IRA? Amount Switched from a Traditional IRA Contribution To a Roth IRA Contribution:"
I did transfer the $7,000 (non-deductible contribution to the traditional IRA) to a Roth IRA a day later. Do I enter $7000 or 0? The question confuses me. I can't tell if my transfer is a recharacterization or a conversion. It says enter the amount if it is a recharacterization, but don't include conversions. An earlier response to my original question said it was a conversion, but I read elsewhere that a conversion is when you transfer money contributed in a prior year to a Roth, but if the transfer is money contributed in the same year is a recharacterization.
Also, do I have to file a separate form (I think 8606) since my original contribution was non-deductible? Can I just add that somehow with Turbotax? I don't think turbotax has me file that last year when I did the same thing in early 2020 for the 2019 tax year.
