I contributed $8000 to my traditional IRA for 2024 (7K + catch-up), then realized my AGI was too high to deduct all of it. So I recharachterized $5000 to a Roth IRA (leaving the remaining $3000 in the traditional IRA). I am waiting for confirmation from my broker, but I assume there were earnings on the $5000 before it was recharachterized. I entered my initial traditional IRA contribution of $8000 in Turbotax and indicated that $5000 of it was subsequently recharachterized to a Roth IRA. I have also included an “explanation” in the notes field that Turbotax provides. I have the following remaining questions I’m hoping someone can help with:
1. Do I need to report the earnings on my 2024 return, and if so, what is the best way to do that?
2. What else do I need to do as far as appropriately documenting this recharachterization in Turbotax?
Thanks in advance for your help!
