There is not a specific code for conversions. See: All box 7 codes for Form 1099-R. Your 1099-R from the distribution of the traditional IRA funds will say code 2 in box 7 (or code 7 if your age is over 59 ½) .
For a Traditional IRA to Roth IRA conversion: The amount withdrawn from your traditional IRA must equal the amount you deposit in your Roth IRA. If taxes were withheld, you must make up the difference or the missing amount will be treated as a taxable distribution and could also be subject to penalties if you are under the age of 59 1/2. Contact your plan trustee to review your tax withholding options.
A conversion to a Roth IRA results in taxation of any untaxed amounts from the traditional IRA. The conversion will be reported on Form 8606, Nondeductible IRAs.
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