dmertz
Level 15

Retirement tax questions

What you did was make a traditional IRA contribution of $995 for 2019, reportable as such on your 2019 tax return.  Apparently the value of your investments dropped, since you then did a Roth conversion reportable on your 2020 tax return of $923.60.

 

If nondeductible, the traditional IRA contribution was required to have been reported on line 1 of your 2019 Form 8606, line 14 of which carries forward to line 2 of your 2020 Form 8606.  If the traditional contribution was deductible, it was required to be on 2019 Schedule 1 line 19.

 

Code 2 is correct on the 2020 Form 1099-R.

 

The $945 contribution for 2019 was a separate Roth IRA contribution for 2019.