Yes, if you recharacterized the contribution you made for 2020 (X) in 2021 ( X+1, before the due date) then you will report the recharacterization on your 2020 tax return.
You will enter the recharacterization when you enter the contribution to the traditional IRA:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “traditional 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.
Yes, you can make another recharacterization of a contribution in 2021.
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