Thank you very much for your help, DanaB27. I really appreciate it!
There were few extra steps that I had to click through that made me confused if I was following your instruction correctly. I hope I did everything right. I'm sharing the entire steps I went through for people who might be going through the same problem as me:
- Under Retirement and Investments, Traditional and Roth IRA Contributions > Click “Start/Update”
- Traditional IRA and Roth IRA > Select “Roth IRA” and "Continue"
- Roth IRA Contributions, Did you make a Roth IRA contribution for 2021 > “Yes”
- Is This a Repayment of Retirement Distribution > “No”
- Enter Your Roth IRA Contributions > “3000” and "Continue"
- Tell us How Much You Transferred, Amount Switched from a Roth To a Traditional IRA > “3000” and "Continue" (I had no earning or loss)
- Roth IRA Explanation Statement > Date of the Original Contribution: 01/10/2022, Date of the Recharacterization: 02/10/2022, The Amount Recharacterized: $3000 (no earning or loss), Reason for the Recharacterization: Removing excess Roth IRA contribution for 2021, which I accidentally made. Recharacterizing $3,000 from Roth IRA to Traditional IRA. and "Continue"
- Did You Open a Roth IRA Before 2021? > “No”
- Income Too high to deduct an IRA contribution > “Continue”
- Your IRA Deduction Summary - $0 > “Continue”
