I'm in a similar situation... only a bit different.
In December, 2019, I realized that I would have MAGI over the lower Roth income limit, but not over the upper limit. Which is to say, I could make some Roth contributions, but not the full amount. I re-characterized part of my 2019 contributions removing the excess contribution and attributed losses. Unfortunately, I underestimated my 2019 MAGI such that I had not re-characterized enough of my 2019 contributions. I have submitted the documents to my broker (on 2/14/2020) to re-characterize the additional contributions and attributed gains.
In TT I am at a step that informed me of the excess contribution and potential penalty, and is asking "Enter any contribution that you withdrew before April 15, 2020." -- "Contribution Withdrawn Before Due Date of Your Return ______"
If I'm re-characterizing my 2019 contribution, do I enter the excess contribution here? Or do I go back to the steps where I entered the previous re-characterization information and adjust the values? Should I expect an updated 1099-R and 5498? Or an additional 1099-R and 5498? Do the gains of my second re-characterization apply to 2019 taxes, or 2020?
