DanaB27
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A 2023 Form 1099-R  for the recharacterization with code R-Recharacterized IRA contribution made for 2022 and this belongs on the 2022 return. But a Form 1099-R with code R will do nothing to your return. You can only report it as mentioned below. Therefore, you can ignore the Form 1099-R with code R.

 

You will enter the recharacterization when you enter the contribution to the Roth IRA on your 2022 return:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “IRA contributions” 
  3. Click on “Jump to IRA contributions"
  4. Select “Roth IRA
  5. Answer ‘Yes” on the “Roth IRA Contribution” screen
  6. Answer “No” to “Is This a Repayment of a Retirement Distribution
  7. Enter the Roth contribution amount 
  8. Answer “Yes” to the recharacterized question on the “Switch from a Roth To a Traditional IRA?” screen and enter the contribution amount (no earnings or losses) on the next screen.
  9. TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.
  10. On the screen "Choose Not to Deduct IRA Contributions" answer "Yes" if you are thinking about doing a backdoor Roth. Otherwise select "No". (If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible)

 

 

If you didn't enter the steps above when you filed your 2022 tax return then you will have to amend your 2022 tax return.

 

Please see How do I enter a backdoor Roth IRA conversion? for details how to enter a conversion on your 2024 tax return.

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