Thank you @dmertz once again for your prompt response...
Kindly confirm that I am on the right track....I wrote that this is what I am going to do:
Do I still need to complete the steps mentioned here? I believe so because this also asks for "Roth IRA Explanation Statement, enter the original amount plus the amount of earnings or loss that were re-characterized" and not just the Contribution amount.
How do I re-characterize a Roth IRA contribution as a traditional IRA contribution in TurboTax?
So step 8 should be $8000 and Step 9 should be $8698.73, Is that a correct assumption? Which form will this generate in Turbo Tax? Is that 5498 or something else?
Then, I'll also complete "Step 1: Enter the Non-Deductible Contribution to a Traditional IRA" from the following:
How do I enter a backdoor Roth IRA conversion?
I believe this will generate form 8606.
For #3, "On the Tell Us How Much You Contributed screen, enter the amount contributed and select Continue.", I am going to enter $8000.
And finally, is it ok to file my taxes now itself or should I wait till the Fidelity fund settles in my Traditional IRA?
