Hello,
I have a question regarding recharacterization of a Roth IRA to a traditional IRA followed by a conversion back to the Roth IRA. I contributed $6,000 on 3/3/2022. Throughout the year, I had an unexpected increased in income and realized I would be above the income limit to contribute, so I recharacterized my Roth contributions ($5272 at that point secondary to losses) on 12/19/2022 and then converted it back ($5,231) on 12/22/2022. I have two 1099-Rs from Vanguard, one for the Roth with a distribution code of N in box 7, and one for the traditional IRA. I was just hoping for guidance on how to properly input this into TurboTax. I have been able to input the 1099-Rs, but was wondering what the appropriate value to put in the explanation statement for "The Amount Transferred (Recharacterization plus earnings or losses): " would be - if that would be the $5272 or if I would need to calculate this number a different way using my original contribution. Any help is appreciated. Thanks.
