So here is my situation:
In Jan 2021, I contributed $6000 to Roth IRA for tax year 2020
I soon realizized that I contributed too much (MAGI was higher than allowed for Rothcontribution) so i recharacterized the contribution from Roth to a newly created Traditional IRA.
During recharecterization, the total applicable earnings or loss for the computation period was $31.52 and the total amount recharacterized to Traditional IRA was $6,031.52.
I received a letter from my broker (Fidelity) mentioning that I will receive a 1099-R in Jan 2022 reflecting the recharecterization.
My is question is how do i reflect the recharecterization in my 2020 tax return in the mean time in turbo tax. Do i need to fill Form 8606 ?
