Yes, TurboTax will create all the forms needed.
It depends, if you have to pay taxes when you withdraw the money out of your traditional IRA later.
- If you make it nondeductible then you will have a basis in your traditional IRA and the amount allocated to the basis won't be taxable.
- If you make it deductible then you will reduce your taxable income in 2020 but when you withdraw money then it will be taxable. (Please see IRA deduction limits if you had a retirement plan at work)
Yes, the 1099-R is a confirmation for the IRS that the recharacterization happened and it won't affect your 2021 tax return.
Please see How do I enter a backdoor Roth IRA conversion? and What Is a Backdoor Roth IRA? for additional information.
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