I have a similar situation where I had contributed $1000 to my Roth IRA in 2018. Since I found out that I was ineligible because of income limits, I recharacterized to a traditional IRA in 2019. I transferred $993 because there was a loss of $7. When I enter these details in TurboTax, in my form 5329, it shows Excess contributions for 2018 as the $7. But this was a loss in the Roth IRA, not a contribution.
What should I enter as the actual amount transferred? Should it be $1000, or $993 and accept that $7 was an Excess contribution for 2018?
Thank you!
