That is correct. The recharacterization will appear in box 4 of the *2017* Form 5498 from the traditional IRA. Your 2016 Form 5498 from the Roth IRA properly shows a regular contribution in box 10. You'll also receive code R 2017 Form 1099-R from the Roth IRA. Since the recharacterization should already have been reported on your 2016 tax return with explanation, you won't need to do anything with the code R Form 1099-R.
