Yes, that is correct. Entering a Form 1099-R with code R won't make any changes to your return therefore you don't have to enter it and can ignore it.
Recharacterizations can only be reported in the IRA contribution section. If you entered your recharacterization from traditional IR to Roth IRA on your 2021 tax return with the steps below then you don't have anything else to do.
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Traditional IRA”
- Answer ‘Yes” on the “Roth IRA Contribution” screen
- Answer “No” to “Is This a Repayment of a Retirement Distribution
- Enter the traditional IRA contribution amount
- Answer “Yes” to the recharacterized question on the “Switch from a Traditional IRA To a Roth IRA?” screen and enter the contribution amount (no earnings or losses) on the next screen.
- 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.
@al2030
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