No, you check the Roth IRA box and follow the steps mentioned in my instructions above to report the recharacterization. When you select to make the contribution nondeductible then TurboTax will create a 2024 Form 8606 with a basis on line 14 and this will be carried over to your 2025 return.
The conversion to Roth IRA will be reported next year on your 2025 return since it will happen in 2025:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 2025 Form 1099-R with code 2
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Review your 1099-R info" screen click "Continue"
- Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis from line 14 of your 2024 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
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