Properly reporting a Roth IRA recharacterization to a traditional IRA

I made a contribution of $4718 to my Roth IRA but a month later I recharacterized that to a Traditional IRA (due to income restrictions); it had grew in value but I forget by how much (and my brokerage account activity log does not specify).  I then made an additional contribution of $1282 to my Traditional IRA (to make the max IRA contribution of $6000 for the year). 

 

After these contributions, I did a backdoor Roth by converting all my Traditional IRA (valued at $7034.21 at that point) to a Roth IRA.  My question is how do I enter these numbers correctly into TurboTax?

 

Here are my tax forms numbers:

 

Traditional IRA Form 5498:

1.) IRA Contributions:  $1,282.00

4.) Recharacterized Contributions: $5,681.40

5.) Fair market value of account: $0.00

7.) IRA Type: IRA

 

Roth IRA Form 5498:

3.) Roth IRA conversion amount: $7,034.21

7.) IRA type:  ROTH IRA

10.) Roth IRA contributions:  $4,718.00

 

Traditional IRA 1099:

1.) Gross Distribution: $7,034.21

2a.) Taxable amount: $7,034.21

7.) Distribution Code: 2

 

Roth IRA 1099:

1.) Gross Distribution: $5,681.40

2a.) Taxable amount: $0.00

7.) Distribution Code: N

 

Here's what I did.  I first entered my 1099-Rs: 

Personal Income -->

Choose what I want to work on -->

Retirement Plans and Social Security -->

IRA, 401(k), Pension Plans (1099-R) -->

Did you receive any 1099-R forms? Yes -->

Tell us which 1099-R you have: Form 1099-R-->

 

For my Traditional IRA 1099-R, I entered these numbers:

1.)  Gross Distribution: $7034.21

2a.) Taxable Amount: $7034.21

2b.) Checked box "Taxable amount not determined"

3.) Capital Gain: $0

4.) Federal Income Tax Withheld: $0

5.) Employee Contributions etc.: $0

6.) Net Unrealized Appreciation: $0

7.) Select code that matches Box 7 on 1099-R: "2-Early Distribution (except Roth IRA)"

8-12.) Blank

- GOOD NEWS: YOU DON'T OWE EXTRA TAX ON THIS MONEY

- WHAT DID YOU DO WITH THE MONEY?

    - Checked "moved the money to another retirement account"

    - Checked "did a combination of rolling over, converting, or cashing out the money"

    - Amount converted to a Roth IRA account: $7034.21

 

For my Roth IRA 1099-R I entered these numbers:

1.)  Gross Distribution: $5681.40

2a.) Taxable Amount: $0

2b.) No boxes checked

3.) Capital Gain: $0

4.) Federal Income Tax Withheld: $0

5.) Employee Contributions etc.: $0

6.) Net Unrealized Appreciation: $0

7.) Select code that matches Box 7 on 1099-R: "N-Recharacterized IRA contribution made"; IRA/SEP/SIMPLE box is NOT checked

8-12.) Blank

- WAS PATRICK EMPLOYED AS A PUBLIC SAFETY OFFICER: No

- DID YOU TAKE ANY DISASTER DISTRIBUTIONS? No

- ANY NONDEDUCTIBLE CONTRIBUTIONS TO PATRICK'S IRA? No

- TELL US THE VALUE OF YOUR TRADITIONAL IRA: On Dec 31, 2020: $0

- EXPLAIN YOUR RECHARACTERIZATION: 

Date of the Original Contribution: 04/06/2020

Date of the Recharacterization: 05/01/2020

The Amount Recharacterized: $4718.

The Amount Transferred (Recharacterization plus earnings or losses): $5681.40

 

Then I entered my Form 5498s:

Deductions & Credits -->

Choose what I want to work on -->

Retirements and Investments --> Traditional and Roth IRA Contributions --> Check both Traditional IRA and Roth IRA boxes:

- IS THIS A REPAYMENT OF A RETIREMENT DISTRIBUTION?  No

- TELL US HOW MUCH YOU CONTRIBUTED:

     - Total 2020 traditional IRA contributions: $1282

     - How much contributed between Jan 1, 2021 to April 15, 2021: $0

- TELL US HOW MUCH YOU TRANSFERRED:

     - Amount switched from Traditional IRA to Roth IRA contribution: $0

- RETIREMENT PLAN COVERAGE: No

- ANY EXCESS IRA CONTRIBUTIONS BEFORE 2020? No

- ANY NONDEDUCTIBLE CONTRIBUTIONS TO PATRICK'S IRA? No

- TELL US THE VALUE OF ALL YOUR TRADITIONAL IRA ACCOUNTS on Dec 31 2020: $0

- ENTER YOUR ROTH IRA CONTRIBUTIONS: $4,718

- TELL US HOW MUCH YOU TRANSFERRED: $4,718

- ROTH IRA EXPLANATION STATMENT:

Date of the Original Contribution: 04/06/2020

Date of the Recharacterization: 05/01/2020

The Amount Recharacterized: $4718.

The Amount Transferred (Recharacterization plus earnings or losses): $5681.40

Reason for the Recharacterization: Made erroneous contribution to Roth IRA, meant to contribute to Traditional IRA.

- DID YOU OPEN A ROTH IRA BEFORE 2020?  No

 

Sorry for the longwinded explanation, just trying to make it easier for someone to correct any mistakes I made without going through a whole step-by-step tutorial.  Any help is obviously appreciated!