2022 Roth Conversion with a 2023 Form 1099-R

[sntrypilot]

Hi. The last week of Dec 2022 I did a Roth conversion of about $44,000. It was too late in the year to get a Form 1099-R for that from my brokerage but I filed a substitute 1099-R and paid the taxes on that conversion when I filed my 2022 Tax Return in 2023.

In 2023 I did a second Roth conversion of about $9,000 which I will file on my 2023 Tax Return.

This year I got two 2023 Form 1099-Rs: one for the $44,000 and the other for the $9,000. I'm trying to figure out how to enter into Turbo Tax that I already paid the taxes on the 2022 Roth conversion with my 2022 Tax Return. This year I should only have the $9,000 conversion to pay taxes on with my 2023 Tax Year. Could it be so simple as just not enter the 1099-R ($44,000) in Turbo Tax and pretend it doesn't exist in my 2023 Tax Return?

Thank you.

[DanaB27]

No, it isn't a good idea to leave the Form 1099-R of your 2023 return since it has been reported to the IRS and if it doesn't match up then the IRS will just adjust your return or ask questions.

You should enter both Form 1099-R as received and amend your 2022 return to remove the substitute Form 1099-R. Please see How do I amend my federal tax return for a prior year?

[dmertz]

Your $44,000 Roth conversion occurred in 2023, not in 2022.   As DanaB27 indicated, you must amend your 2022 tax return to remove the substitute Form 1099-R that you mistakenly entered and enter the $44,000 2023 Form 1099-R into 2023 TurboTax.  You'll receive a tax refund of the excess taxes you paid for 2022.

In the future, make sure to account for the IRA custodian's processing time to make sure that the Roth conversion can be performed by the end of the year.