The 2023 Form 5498 from the traditional IRA will show $7,500 in box 1. The 2023 Form 5498 from the Roth IRA will show $5,300 in box 4. However, these forms only tell part of the story. It's your 2023 tax return that will report what actually happened. When you tell TurboTax that you "switched" $4,800 to be a Roth IRA contribution, TurboTax will prompt you to prepare an explanation statement describing the recharacterization which is what the IRS will use to confirm that everything has been reported properly on your tax return.
