In Dec-17, I directly rolled over a prior employer's 401k to a Roth IRA (and understand that I will need to pay tax). I received 1099-R's as a result, and the taxable amount is entered on my 1040 line 16b.
In Dec-17, I also contributed additional $5,500 (post-tax) to a Roth IRA. I do not have any other IRA accounts outside of current employer's 401k. In 2018, due to Roth IRA income contribution limitations, I realized I should not have contributed the $5,500 to Roth in 2017, and re-characterized the $5,500 sitting in my Roth IRA to a traditional IRA account at a loss of $258 (so $5,242). A few weeks later I then did a backdoor Roth contribution of $5,464 (as the $5,242 had gained since then). How should I report this in Turbotax? In the Recharactization Explanation form, I entered the amount recharacterized = $5,500 and "the Amount Transferred (Recharactization plus earnings/ losses) = $5,242. Is this correct? Is the Recharacterization form even needed? Thanks!
