To report the recharactorization:
Enter the Roth contribution into the IRA contribution section and say that you changed your mind and moved it to a Traditional IRA (recharactorized) and if asked that you want it all to be non-deductible. The amount recharacterized would be the amount of the Roth contribution - not any earnings. Enter an explanation statement of the amount recharactorized and earnings if any. That will create a 8606 form that will track the non-deductible basis of the non-deductible contribution.
You should receive a 1099-R next year with a code "R" in box 7. That only reports the recharacterization to the IRS and is ignored if entered into TurboTax.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
