Thank you for the info, I still can't figure out how to get all of this into Turbotax.
I would like to recharacterize it again as a ROTH as I do not want to have to track it year after year. I did this via Vanguard just now and I can't get it properly into Turbotax.
To summarize, I contributed $4600 to a ROTH throughout the first 10 months of 2022. In Oct, I opened a traditional IRA with $100 recharacterized $3572 (which is the full $4600, adjusted for market loss) into that IRA. Now I have recharacterized $3888 from the traditional back into the ROTH (which is the full amount in the account, adjusted for market gain).
Turbotax's desktop software is saying that I made an excess contribution of $3672. So either I don't know how to input it correctly or I'm not understanding how this works.
I absolutely do not want to have to track the basis for what is in an IRA over years. Vanguard doesn't do this for me and it's not something that I want to deal with. Am I understanding this process correctly? How should I proceed?
