If I recharacterized an IRA contribution will I receive a 1099-R?
You will receive a Form 1099-R with either code N or code R in Box 7. Which code and when you receive your Form 1099-R depends on when you recharacterized your IRA contribution.
If you recharacterized a 2025 contribution during 2025 you should expect to receive a 2025 Form 1099-R with code N in Box 7 in February of 2026. You would enter the recharacterization in the Retirement Income section as well as on the IRA Recharacterizations screen in the Common Deductions and Credits section.
If you recharacterized a 2025 contribution during 2026 you should expect to receive a 2026 Form 1099-R with code R in Box 7 in February of 2027. You would enter the recharacterization on the IRA Recharacterizations screen in the Common Deductions and Credits section even though you won't receive your Form 1099-R until next year.
If you recharacterized a 2025 contribution during 2025 you should expect to receive a 2025 Form 1099-R with code N in Box 7 in February of 2026. You would enter the recharacterization in the Retirement Income section as well as on the IRA Recharacterizations screen in the Common Deductions and Credits section.
If you recharacterized a 2025 contribution during 2026 you should expect to receive a 2026 Form 1099-R with code R in Box 7 in February of 2027. You would enter the recharacterization on the IRA Recharacterizations screen in the Common Deductions and Credits section even though you won't receive your Form 1099-R until next year.
