In 2021 I wanted to consolidate all IRAs into a single brokerage and do a Roth Conversion.
On Sep 16, 2021 I requested a distribution of $33,000 from a Securities America traditional IRA. My plan was this convert money to a Fidelity Roth IRA. I requested a distribution instead of a rollover. Since I was going to deposit the money into a Roth IRA asked to have the check payable to “Fidelity Investment FBO [my name]”. As expected, I received a 1099-R from Securities America reporting the distribution as taxable.
Here is my problem:
I deposited the check into a Fidelity Traditional IRA, and then Fidelity moved that money into a Roth IRA. I received a 1099-R from Fidelity reporting the IRA conversion as taxable. So, the two 1099-Rs report $66,000 as taxable distributions, when only $33,000 was actually distributed.
I want to report $33,000 as a taxable distribution, but I expect the IRS will consider this under reporting. What is the best way to correct this?
Thank you,
John
