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You will get a 2025 Form 1099-R with code P and 1 since you recharacterized he contribution and therefore removed the excess from the Traditional IRA.

To create a Form 1099-R in your 2024 return please follow the steps below:

1. Login to your TurboTax Account 
2. Click on the "Search" on the top right and type “1099-R” 
3. Click on “Jump to 1099-R”
4. Answer "Yes" to "Did you get a 1099-R in 2024?"
5. Select "I'll type it in myself"
6. Box 1 enter total distribution (contribution minus loss)
7. Box 2a enter $0
8. Box 7 enter P and 1
9. Check the "IRA/ SEP/ SIMPLE" box
10. Click "Continue"
11. On the "Which year on Form 1099-R" screen say that this is a 2025 1099-R.
12. Click "Continue" after all 1099-R are entered and answer all the questions.
13. Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Corrective distributions made before the due date of the return".

Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2023" you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2024.

To clarify, was your Traditional IRA empty before you recharacterized the Roth IRA contribution as a Traditional IRA contribution? If you requested the return of the excess $7,000 contribution plus earnings then the financial institute should remove the correct amount and consider the earnings or losses. Please note, since you recharacterized the Roth IRA contribution the earnings are deemed to have been earned in the Traditional IRA. Maybe you need to check with Fidelity if they are aware of this fact and considered this when they processed the return of excess contribution plus earnings.