I have exact same situation for tax year 2023 ( and filing in 2024), but in my case instead of loss it incurred gain and I did get two 1099-R forms and 2 5498 Forms. Here are the details.
For 2023 my origination contribution was 6500 in Roth IRA in early January 2023, recharacterized this to Traditional IRA after realizing limitation, by this time fidelity suggested to transfer 6905.16 and after few days transfer back from traditional IRA to Roth 6908.14 for backdoor Roth ( I didn't had any amount in my traditional IRA before so this ~$2 is gained in Traditional IRA).
I did had basis from 2022 line 14: $5612. There is no other basis in any previous year.
Roth IRA form 1099-R
1. Gross distribution: 6905.16
2a. Taxable amount 0
7. N
Traditional IRA form 1099-R
1. Gross distribution 6908.14
2a. Taxable amount 6908.14
2b. both with check marks
7. 2, X on IRA/SEP/SIMPLE box
I followed all the steps for recharacterization, explanation steps and entering 1099-R ( for Traditional IRA )
My Question is:
1. Should I only use both 1099-R form ( from Traditional IRA as well as Roth IRA ) in TurboTax ?
2. TurboTax seems to have confused if I use both of the 1099-R, is there any other way to handle Recharacterization along with backdoor Roth conversation ?
Thanks,
