Retirement tax questions

Please be aware, you can only recharacterize your contribution for 2022. You have to complete the recharacterization by the extended due date of the 2022 tax return (October 16th, 2023). You missed the deadline for the 2020 and 2021 contributions.

"If the transfer is made by the due date (including extensions) for your tax return for the tax year for which the contribution was made, you can elect to treat the contribution as having been originally made to the second IRA instead of to the first IRA." (Pub 590a)

No, you will receive a 2023 Form 1099-R with code R for the recharacterization of your contribution for 2022 and this belongs on your 2022 tax return. But you will not need to enter it because it won't make changes to your return. You will enter the recharacterization on your 2022 tax return with these steps:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “IRA contributions” 
3. Click on “Jump to IRA contributions"
4. Select “Roth IRA”
5. Answer ‘Yes” on the “Roth IRA Contribution” screen
6. Answer “No” to “Is This a Repayment of a Retirement Distribution
7. Enter the Roth contribution amount 
8. Answer “Yes” to the recharacterized question on the “Switch from a Roth To a Traditional IRA?” screen and enter the contribution amount (no earnings or losses) on the next screen.
9. 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.
10. On the screen "Choose Not to Deduct IRA Contributions" answer "Yes" (if you are thinking about doing a backdoor Roth. If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible)

@DiverJudge