@tractng wrote:
Thank you for the explanation and terminology. I did call TIAA to execute the rollover with no tax witheld. I was surprised the rep wasn't able to tell me the total non deductible amount in that account.
So when I get a FORM 1099R, would it tell me what the earning from this account or its that my responsibility on my end? Like I mentioned, I have the Form 8606 in 2019 Tax filing.
Thanks again.
TT
It's all on you. TIAA doesn't know the non-deductible amount because they can't see your tax return and they don't know whether or not you took a tax deduction. They will provide a 1099-R that shows the total amount as a conversion to Roth IRA with code 2 or code 7 in box 7, and "taxable amount not determined" in box 2b. You will use the information from the 2019 form 8606 to create a new form 8606 with your 2024 return that will document the basis and calculate the taxable part of the conversion.
