Turbotax says my IRA contribution is too high

[sekrishnan]

I am over age 50 and contributed $7000 to my Roth IRA in 2022 for 2023.  Turns out my income was too high so I had to recharacterize it as a traditional IRA contribution for 2023. The amount recharacterized was $7300 due to investment gains. IRS has revised the max contribution for 2023 to $7500 for those above 50.  However, Turbotax tells me I cannot contribute more than $7000 and that the remaining $300 is an excess contribution.  How do I fix this in Turbotax?

[dmertz]

"I am over age 50 and contributed $7000 to my Roth IRA in 2022 for 2023."

That doesn't make any sense.  One is not permitted to make a contribution for a future year.  I'll assume that this is a typo and you properly made a $7,000 Roth IRA contribution for 2023.

You recharacterized $7,000, not $7,300.  $7,300 was the gain-adjusted amount transferred, not the amount recharacterized.

[Mike9241]

only recharacterize the amount contributed exclude the earnings