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Reporting IRA conversion that happened after Jan 1st.
Hi,
I'm wondering if it's possible to report Traditional to Roth conversion for year X if the conversion happened in year X+1 before the deadline? My understanding is that I will only receive a 1099-R if the conversion is done before the end of year X. Given that I did the conversion for the tax year X but in year X+1:
1) Should I report that in year X or X+1?
2) Would I be able to do another conversion for the tax year X+1?
Thanks,
May 10, 2021
6:40 AM