Hi,
I made a $6K contribution in early 2022. I realized later in the 2022 year that I exceeded the income limit and decided to recharacterized my $6k contribution to my traditional IRA. Turbo tax is asking for an explanation for recharacterization and to include amount originally converted to roth IRA, amount of gains/losses after conversion, and the amount transferred in the recharacterization.
My 1099R shows the gross distributed amount is $5056 so does that mean I had a loss of $944? Or is the $5056 the amount transferred? How do I determined the gains/losses?
