I contributed $5000 to my Roth IRA in 2023, then in January 2024 I re-characterized it to Traditional IRA because my wages went over the limit. I received a 1099-R in 2024 showing $5000 Distribution Code (R) and another 1099-R with $470 distribution code (N). I imported both these forms to TurboTax.
In 2024, I contributed the full allowed amount to my Traditional IRA ($7,000). What do I need to enter as contributions for 2024, just the $7000, or do I have to report the re-characterized amounts as well? If I do, then I am going over my limit for 2024.
