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Retirement tax questions
More specifically, the Roth conversion is includible on your tax return for the year in which the distribution from the traditional IRA occurs. If the Roth IRA is held in the same financial institution as the traditional IRA, the distribution from the traditional IRA and the conversion contribution to the Roth IRA generally occur on the same day, but it's possible in other circumstances that the conversion contribution to the Roth IRA can occur on some day after the distribution from the traditional IRA and even if the conversion contribution occurred early in the year following the year of the distribution from the traditional IRA the conversion is reportable only on the tax return for the year in which the distribution from the traditional IRA occurred. The only difference is that the conversion contribution will appear on the Form 5498 from the Roth IRA for the year in which the conversion contribution occurred rather than on a Form 5498 for the year in which the distribution from the traditional IRA occurred. Occasionally the IRS will question this, but there is nothing wrong with this. It may just require explanation.