After you file

Yes, if you are allowed to make Roth contributions then you can recharacterize your traditional IRA as a Roth IRA contribution. Roth IRA contribution may be limited based on your filing status and income. Please see 2022 - Amount of Roth IRA Contributions You Can Make for 2022 for details.

In your case, it might be more beneficial to recharacterize the 2022 traditional IRA contribution as a Roth IRA contribution (if your Modified Adjusted Gross Income allows it) since then the earnings can grow tax-free. Qualified Distributions from a Roth IRA are nontaxable. In addition, you can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free.

You have until the due date to recharacterize your contribution, please contact your financial institute. If you decided to do this you would enter the following steps in TurboTax:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “IRA contributions” 
3. Click on “Jump to IRA contributions"
4. Select “traditional IRA”
5. Answer “No” to “Is This a Repayment of a Retirement Distribution
6. Enter the traditional contribution amount
7. Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount (no earnings or losses)
8. TurboTax will ask for an explanation statement where it should be stated that the original $5,100 plus $xxx.xx earnings (or loss) were recharacterized.

You will get Form 1099-R for the recharacterization with code R-Recharacterized IRA contribution made for 2022 and this belongs on the 2022 return. But a Form 1099-R with code R will do nothing to your return. You can only report it as mentioned above. Therefore, you can ignore Form 1099-R with code R when you get it in 2024.

@rkbuss