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Get your taxes done using TurboTax
It does not good to import a code N or R. They will be ignored by TurboTax. As I said above the only purposes of the code N and R is for the financial institution to inform the IRS or the recharactorizatiin and they send you a copy. It must still be reported on yiur tax return and the ONLY way to do that is as I posted above.
The code 2 1099-R must be entered and the box 1 amount may or may not be taxable depending if you reported the recharacterizations as non-deductible contributions.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎April 10, 2021
7:58 AM