Option 3: Disregard it completely and do not include it on your 2019 OR 2020 returns.
Since the recharacterization happened in 2020 before the due date of your 2019 return for a 2019 contribution the 1099-R has the code R in box 7. This code R indicates on a 2020 Form 1099-R it belongs on a 2019 tax return (if you would enter it in your 2020 tax return TurboTax would tell you it belongs on the 2019 return).
But a 1099-R with code doesn't do anything to your return when you enter it in 2019 and say it is a 2020 1099-R Form. It only gives the IRS information that a recharacterization happened.
To report a recharacterization in TurboTax you will have to enter it like I mentioned above.
Did you enter the full $590 as a traditional IRA contribution on your 2019 return?
Or did you enter $350 as directly contributed to the traditional IRA and then the $240 under Roth IRA contribution and then recharacterized with the steps above?
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