Roth IRA contribution 2023, (over the AGI limit) recharacterized in Jan 2024, statement received in 2025 on the 1099-R distribution 0 tax Do I need to amend 2023 return?

You do not need to enter the 2024 Form 1099-R with code R on your 2024 return. You should have reported the recharacterization on your 2023 return with the steps below.

 

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 ‘Yes” on the “Roth IRA Contribution” screen
6. Answer “No” to “Is This a Repayment of a Retirement Distribution
7. Enter the Roth contribution amount 
8. Answer “Yes” to the recharacterized question on the “Switch from a Roth To a Traditional IRA?” screen and enter the contribution amount (no earnings or losses) on the next screen.
9. 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.
10. On the screen "Choose Not to Deduct IRA Contributions" answer "Yes" if you are thinking about doing a backdoor Roth. Otherwise select "No". (If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and then a screen saying $0 is deductible)

 

Note, entering Form 1099-R with code R will change nothing to your return. You can only report it as mentioned above on your 2023 tax return. Therefore, you can ignore the Form 1099-R with code R.

 

Please see How do I amend my federal tax return for a prior year?