I see similar posts but not the exact same scenario.
In October 2021, I moved monies from two separate 401(k) retirement accounts. I rolled over all Traditional IRA contents into a newly created Rollover IRA account at Fidelity and that apparently went smoothly. TDAmeritrade told me what to do to move the ROTH monies, and had me set up a Rollover IRA account which I did. I hand carried one check to fund the rollover account and the other was an ACH transfer. Both posted the same day. No additional monies have been deposited to this account since then, nor have any funds been removed.
I turn 73 late 2024, so I know I need to take RMD's from the traditional IRA starting this year, but I received notice that there is an RMD for the TDAmeritrade (now Schwab) account since apparently the initial account I created was not a ROTH IRA Rollover but instead was a traditional IRA rollover.
Schwab says they need me to get a tax professional to tell me how to fix, so it does not cause it to be a distribution resulting in a tax. Schwab has created a new Rollover ROTH account to hold the funds once this is resolved. They sugggested I may need to file 8606.
I tried local tax preparers, but they either don't do that, or won't return my calls.
I had a meeting with an IRS agent at my local office to address tax law and he says, I did nothing wrong, and this should be a paperwork error for TDAmeritrade/Schwab to fix with also issuing corrected 1099-R's and 5498. He also said that 8606 IS NOT the correct form for this situation.
Even with this information Schwab is not able (or not willing) to change it yet.
I have talked to two separate Tax specialist at TurboTax, (one "tax expert" and one a CTA), and while one said I needed to file an amended 2021 return the other said there was nothing to amend since in 2021 I showed this as a Roth rollover on my Federal return.
Very long winded I know, but I am just trying to get this fixed. I already paid taxes on all the monies when they went into a ROTH account over the years, and DO NOT feel I should have to pay taxes on this again, or the earnings on these monies.
