Retirement tax questions

If you do not have an excess contribution from prior years (removed them in time or recharacterized it) then you will answer "No" to "Do you have any Excess Roth Contributions for 2021 or previous years?". It is just a standard question TurboTax has to ask everyone.

To verify, you contributed to the Roth for 2020 and 2021, recharacterized it to traditional IRA in 2021, and then converted it back to Roth in 2021, correct?

You entered the recharacterization on your 2020 tax return and made them nondeductible (or they were nondeductible because of your high income) and you each have Form 8606 with a basis on line 14. This basis will have to be entered during the interview on your 2021 tax return. You should have gotten Form 1099-R with code R for this. 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.

On your 2021 tax return, you entered the recharacterization and made them nondeductible (or they were nondeductible because of your high income). You should have gotten Form 1099-R with code N.

To enter the conversion Form 1099-R:

1. Click on "Search" on the top right and type “1099-R”  
2. Click on “Jump to 1099-R”
3. Click "Continue" and enter the information from your 1099-R for the conversion
4. 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”
5. On the "Review your 1099-R info" screen click "add 1099-R" and enter the Form 1099-R with code N
6. On the "Review your 1099-R info" screen click "continue"
7. Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
8. Answer the questions about the basis from line 14 of your 2020 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

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