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.
recharacterization: the original amount to the first IRA you report as contribution to the second IRA, earnings move but that is ignored.
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report this on your tax return for the year during which the contribution was made.
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Your broker says you did two recharacterizations, you don't import both
report N contribution on your 2024 return
report R contribution on your 2023 return
"In 2024, I contributed the full allowed amount to my Traditional IRA ($7,000)."
making your own max contribution in addition to a recharacterized amount means you have exceeded your contribution limits.
It's not clear where the $474 comes from (my guess is custodian error). probably you need a corrected 1099-R
Is your IRA at a bank or credit union?
check the actual amount that was moved into your IRA.
If it is $5,470 it is definitely custodian error to give you that 1099-R.