- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is my 1099-R form correct for backdoor roth contribution?
when I got my 1099R form this year for my traditional IRA account I noticed that my distribution code is ''N'' which indicates a 'recharactorization' instead of code '2'(what I got last year). my advisor says it's still the same as a normal backdoor roth conversion but what I found online indicates they are two different things, conversion vs recharactorization. I want to make sure it wasn't a mistake that I should correct to avoid any penalties and that I can still file my 2024 tax return for the backdoor roth contribution.
‎February 9, 2025
11:28 AM