No, if you recharacterized a Roth IRA contribution for 2023 as a traditional IRA contribution then this should have been reported on your 2023 return. If chose to make this contribution nondeductible or it was automatically nondeductible because of your income and a retirement plan at work, then you should have a 2023 Form 8606 with a basis on line 14. This will have to be entered on your 2024 return when you report the conversion.
To enter the Form 1099-R conversion:
- 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 1099-R
- 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 2023 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs
Please note if you do not get the question "Any nondeductible Contributions to your IRA?" then please see Why am I unable to report my 2023 for 8606 basis?
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