I'm basically in the same boat as you:
- In 2021 I contributed $6000 to a roth
- In Feb 2020, while doing my taxes turns out my AGI was too high
- So I recharacterized my $6000 to a Traditional
-Fast forward to doing taxes today and I see I have a 1099-R with Gross Distribution and Taxable Amount of $6294.16 Box 7 is R.
-In 2022 I also contributed another $6000 to a Roth
- Looking at my completed and filed 2021 Turbo Tax tax form 1040, I see I also paid the 6% tax = $360 (which I'm not sure I needed to pay since I recharacterized BEFORE I filed?)
- Now in 2023, Turbo Tax is once again telling me that I contributed in excess of $294.16 and that I need to withdraw this amount (plus earnings) or else. This would be the amount in excess of $6000 that was originally recharacterized.
My issue is that when I go to my Traditional IRA, I have only contributed that one time when I did the recharacterization in Feb 2022 (for 2021.) So for 2022 it says $0 contributed, thus nothing for me to be able to withdraw.
In sum, in 2021 I made 6K to my Roth. I recharacterized that amount (plus $294.16 in earnings) in 2022 then contributed another 6K to my Roth for 2022. $0 was put into my Traditional.
At this point do I really need to withdraw $294.16 from my Traditional IRA?
I'm not really sure what to do here...
