Steps I took:
So, I'm a very confused! If I were to put the amount including earnings & losses (5000) for Tell Us How Much You Transferred for Step 5, the next page will show that I have Excess Contribution of $1000 even though I did recharacterization to Traditional IRA for my $6000 Roth IRA Contribution at a loss last year due to the economic downturn :(
Bullet #7 by DanaB27 on March 20, 2021 5:00 AM on above post says Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount $6,000 (no earnings or losses). I have not seen this question at all within the online platform.
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If I were to put the amount including earnings & losses (5000) for Tell Us How Much You Transferred for Step 5, the next page will show that I have Excess Contribution of $1000 even though I did recharacterization to Traditional IRA for my $6000 Roth IRA Contribution"
Exactly ,
That's why you have to enter $6,000, which is the amount you recharacterized.
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Thank you for the confirmation! The Turbotax advisor was telling me to put $5000, and was selling me to get in a call with CPA on live Premier to potentially fix the excess contribution. Glad I wasn’t in a rush, and find out about it
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