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?
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"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.
only recharacterize the amount contributed exclude the earnings
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