Thanks for the reply! Yes it was a recharacterization from traditional IRA to Roth IRA with distribution code N on form 1099.
You mentioned in case of the two recharacterizations, I have to print and mail the return to attach an Explanation Statement. Can I workout around with below steps to fill out the Explanation Statement in TurboTax and file my return electronically from TurboTax?
1.enter the Roth IRA contribution directly on “Enter your Roth IRA contribution” screen
2.on “Amount Switch from a Roth To a Traditional IRA” screen, enter a non-zero amount, just for TurboxTax to open the “Roth IRA explanation statement” form for me.
3.complete the explanation statement
4.back to the “Amount Switch from a Roth To a Traditional IRA” screen, change the amount to zero, so I have zero Roth recharacterization entered.
5.Seems that TurboxTax does not delete The Explanation Statement form completed in step 3 after step 4. The explanation stmt shows up as “Additional information from 2024 federal tax return” under "All official forms required for filing" when I look those up to print.
Will above workaround work? Does TurboTax include the Explanation Statement if this workaround-version of return is filed electronically using TurboTax app?
