You can ignore the 2024 Form 1099-R with code R since entering a 2024 Form 1099-R with code R on your 2023 return will not change anything in your return.
You should have reported the recharacterization on your 2023 return with these steps:
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Traditional IRA”
- Answer ‘Yes” on the “Traditional IRA Contribution” screen
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the Traditional IRA contribution amount
- Answer “Yes” to the recharacterized question on the “Switch from a Traditional To a Roth IRA?” screen and enter the contribution amount (no earnings or losses) on the next screen.
- 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.
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