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Retirement tax questions
First, it's unclear why your 1099-R would have a zero in box 1 and 2a. The value of the shares is required to be entered there and to be taxed. Any money going from a Traditional IRA to a Roth IRA are taxable funds. This assumes you deducted the amounts used to purchase the stock because they were used to establish or contribute to a Traditional IRA. If the amount in in your Traditional IRA was zero there would be nothing to transfer.
Find out the actual values and request a corrected form from the plan administrator of the Traditional IRA. Once this is completed you should be able to complete your tax return.
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‎February 8, 2025
2:01 PM