So if I recharacterize my 7,000 contribution from my roth over to my traditional IRA and it moves along with 1,000 in gains, where do I enter the gains? In the Tubotax explanation box that says "The Amount Transferred (Recharacterization plus earnings or losses):?
When I do that, the amount of taxes I owe does not change even though between my wife and I, there was a 2,200 gain in the roth on our 14,000 contributions. Shoudn't that go up?
Also, where does the gain get entered on the 8606?
I thought I was being a good boy by making my 2019 roth contribution in January of 2019 but then ended up workin over 800 hours of overtime and busted throgh the eligibility limit for a roth.
Thank you very much.
