Hello,
I contributed $6000 to my Roth IRA in 2019 and then contributed $6000 to it again in 2020. I incorrectly thought that in 2019, my contribution exceeded the limit. In 2020, my income did actually exceeded the limit. In June 2020, I recharacterized ~$900 from 2019 and ~$5800 from 2020 to a Traditional IRA (loss of $200 from the $6000 contribution). Then, in March 2021, I converted ~$9000 (the original ~$6700 plus gains) back to a Roth IRA.
I have no idea how to handle this situation in TurboTax. Is the Traditional IRA recharacterization considered a contribution to the traditional IRA? If so, would the entire ~$6700 be considered a 2020 contribution? Do I go through the process of entering both the conversion and recharacterization in Turbotax?
Thank you!
