1099-R 2020 with code R-Recharacterized IRA contribution made for 2019 belongs on the 2019 return and is for the recharacterization. But a 1099-R with code R will do nothing to your return.
And it seems that you already reported everything correctly in regards to the nondeductible recharacterization ($240) on your 2019 tax return therefore you do not need to amend you return.
For review the steps to report the recharacterization:
- Open your return
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the Roth contribution amount
- Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount (no earnings or losses)
- 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.
- On the screen "Choose Not to Deduct IRA Contributions" answer "Yes"
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