No, for box 7 you should enter code "1" and code "B" if you have both codes on your form.
After you enter Form 1099-R, answer the questions that follow carefully. Then, once you are back on the summary screen and have entered all form 1099-Rs, be sure to click continue. This is where you'll be asked many relevant questions for taxability.
If you made contributions this year, be sure to enter them under Deductions & Credits >>> Retirement and Investments >>> Traditional and Roth IRA Contributions.
