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Level 2
posted Jul 13, 2020 6:59:40 PM

Broker not issuing a 1099-R for backdoor Roth conversion

I opened a new traditional IRA in 2020 and funded it with $6K (for 2019) which I immediately moved to a Roth. The broker is not issuing a 1099-R but instead saying a 5498 will be issued next year.

1. Is this right?

2. How do I capture this transaction in my 2019 return without a 1099-R? The instructions here @https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-a-backdoor-roth-ira-conversion/01/25567#M613 are based on receiving a 1099.

 

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1 Replies
Level 15
Jul 13, 2020 7:22:49 PM

Yes they must issue a 1099-R but not until Jan 2021 if converted in 2020.  That will go on your 2020 tax return next year.

 

Any conversion after Dec 31, 2019 is a 2020 conversion.

 

You can *contribute* to a 2019 IRA up to the 2020 due date of the return but conversion are on a calendar year basis.