gg96
Level 2

What is "Tell Us How Much You Transferred" for Roth IRA if you have Recharacterization? Does it include earnings or losses for the amount?

Steps I took:

  1. Click Federal > Deductions & Credits on the left panel
  2. Roth IRA box? Checked
  3. Is This a Repayment of a Retirement Distribution? NO
  4. Enter Your Roth IRA Contributions: 6000
  5. Tell Us How Much You Transferred: Since I did full $6000 recharacterization from Roth to Traditional, is this total amount including earnings & loss? OR 6000? 
  6. Roth IRA Explanation Statement: The "Transferred" definition within the template of this page is "Recharacterization plus earnings or losses".

So, I'm a very confused! If I were to put the amount including earnings & losses (5000) for Tell Us How Much You Transferred for Step 5, the next page will show that I have Excess Contribution of $1000 even though I did recharacterization to Traditional IRA for my $6000 Roth IRA Contribution at a loss last year due to the economic downturn :(

 

https://ttlc.intuit.com/community/retirement/discussion/report-recharacterization-of-roth-ira/01/186...

Bullet #7 by DanaB27 on ‎March 20, 2021 5:00 AM on above post says Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount $6,000 (no earnings or losses). I have not seen this question at all within the online platform.

 

 

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