Yes, you can do a backdoor Roth conversion right after you recharacterized you contribution. It sounds like the conversion will happen in 2021 then you will enter it on your 2021 tax return like this:
- Login to your TurboTax Account
- Click on the Search box on the top and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years .
- Answer the questions about the basis (you will enter the nondeductible contribution amount from 2020 and prior years, tracked on Form 8606).
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