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You will enter the recharacterization when you enter the contribution to the Roth IRA:
You will get a 2024 Form 1099-R for the recharacterization with code R-Recharacterized IRA contribution made for 2023 and this belongs on the 2023 return. But a Form 1099-R with code R will do nothing to your return. You can only report it as mentioned above. Therefore, you can ignore the Form 1099-R with code R when you get it in 2025.
If you chose to make the contribution nondeductible then your Form 8606 Line 1 should only show the contribution amount (not the earnings). The earnings are deemed to have been generate in the traditional IRA when you recharacterized the Roth IRA contribution.
You will enter the recharacterization when you enter the contribution to the Roth IRA:
You will get a 2024 Form 1099-R for the recharacterization with code R-Recharacterized IRA contribution made for 2023 and this belongs on the 2023 return. But a Form 1099-R with code R will do nothing to your return. You can only report it as mentioned above. Therefore, you can ignore the Form 1099-R with code R when you get it in 2025.
If you chose to make the contribution nondeductible then your Form 8606 Line 1 should only show the contribution amount (not the earnings). The earnings are deemed to have been generate in the traditional IRA when you recharacterized the Roth IRA contribution.
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