To confirm, the code in box 7 on your 2023 Form 1099-R is a N or R?
If it is code R then you will have to enter recharacterization on your 2022 tax return in the IRA contribution section.
If it is code N then you will have to enter recharacterization on your 2023 tax return in the IRA contribution section.
- 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 traditional IRA contribution amount
- Answer “Yes” to the recharacterized question on the “Switch from a Traditional 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.
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