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A 2020 Form 1099-R with code N  indicates that you made a Roth contribution in 2020 and recharacterized it in 2020.

Yes, you might have to check with your financial institution to verify this information but it would explain the “missing $1,203" we were wondering about earlier. You will need to find out how much was contributed and how much was considered earnings on the $1,200.

You will have to enter this recharacterization on your 2020 tax return when you enter the contribution to the Roth IRA: 

1. Click on "Search" on the top right and type “IRA contributions” 
2. Click on “Jump to IRA contributions"
3. Select “Roth IRA”
4. Answer “No” to “Is This a Repayment of a Retirement Distribution
5. Enter the Roth contribution amount 
6. Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount (no earnings or losses)
7. 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.
8. On the screen "Choose Not to Deduct IRA Contributions" answer "Yes" (if you are thinking about doing a backdoor Roth. If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible)

You also will have to enter the 2020 Form 1099-R with code N on your tax return. This won't be taxable and is for information only.

@dhuynh44