Should I answer YES to "Did <name> Contribute To a Traditional IRA?" if the ONLY contributions are recharacterized contributions (from a Roth IRA recharacterization)?

[DanaB27 · Accepted solution]

No, you will only select the Roth IRA and indicate the recharacterization during the interview:

1. Login to your TurboTax Account 
2. Click on "Search" on the top right and type “IRA contributions”
3. Click on “Jump to IRA contributions"
4. Select “Roth IRA”
5. Answer “No” to “Is This a Repayment of a Retirement Distribution
6. Enter the Roth contribution amount 
7. Answer “Yes” to the recharacterized question on the “Did You Change Your Mind?” screen and enter the contribution amount (no earnings or losses)
8. TurboTax will ask for an explanation statement where it should be stated that the original $xxx.xx plus $xxx.xx earnings (or loss) were recharacterized.