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.**