My husband I believe did a backdoor Roth. Contributed $6000 for 2022 but in March 2023, shown on 1099-R #1. I have 1099-R #2 which is for $6500 which should be contribution for 2023.
Now I have Fidelity forms
5498 form #1
5.Fair market value of account.................................................xxxxxx
7.IRA Type.............................................................................IRA *
11.Required Minimum Distribution for 2024................................................
15a.FMV of certain specified assets.................................................$5,248.80
15b.Code(s) --------------------------------------------------A
FMV of certain specified assets as of December 31, 2023
ROLLOVER IRA = $5,248.80
5498 form #2
5.Fair market value of account...................................................xxxxx
7.IRA Type.........................................................................ROTH IRA
11.Required Minimum Distribution for 2024................................................
15a.FMV of certain specified assets.................................................$5,248.80
15b.Code(s)................................................................................ A
FMV of certain specified assets as of December 31, 2023
ROTH IRA = $5,248.80
I am confused why each form only shows certain lines. I am unclear about how much was converted from IRA to ROTH IRA? But it seems at the end of the year each had the same value. Can you help me interpret? Shouldn't it be ~12K if all was converted?
The box that contains the number identifies the type of deposit made to the account.
In what boxes are the $6,000 and $6,000 amounts shown on these forms 1099-R?
Are these 2023 Forms 1099-R?
These are both 2023 1099-R.
1099-R #1
$6000 in 1 (gross distribution), 2a (taxable amount), and 16 (state distribution)
2b taxable amount not determined = x
7 distribution code = 2
IRA/SEP/SIMPLE = X
1099-R #2
$6500 in 1 (gross distribution), 2a (taxable amount)
2b taxable amount not determined = x
7 distribution code = 2
IRA/SEP/SIMPLE = X
1099-R seems clear but the 5498 only showing certain lines is confusing and I'm not sure how much went to IRA and then to Roth IRA. What do I put in turbo tax question "Amount converted to a Roth IRA account"
Sorry, I should have been more specific. I was asking about what amounts, if any, are shown in boxes 1, 2, 3, 4, 8, 9, and 10 of the Forms 5498.
The two Forms 1099-R suggest that Roth conversions totaling $12,500 were performed, $6,000 from one traditional IRA and $6,500 from another traditional IRA, but that's all that the Forms 1099-R indicate.
My 5498s only have lines 5, 7, 11, 15a, 15b and the FMV of certain specified assets as of December 31, 2023 listed has the name of a mutual fund with market value $5248.
That's all. I'm beginning to think these forms are not related at all. 1099-Rs are from TDameritrade/Charles Schwab but the 5498s came from Fidelity????
My husband's financial advisor says that all the $6000 and $6500 was converted. Therefore I assume that the traditional IRA value should be $0 at end of year...
You are correct, those Forms 5498 indicate that corresponding accounts received no contributions or Roth conversions, indicating that those forms are not from the accounts that received Roth conversions. Regarding the Forms 5498, you said "I" have forms, which is ambiguous. If Form 5498 #1 is from an account belong to your husband, this indicates that your husband had a year-end balance in traditional IRAs of $5,248.80 (which rounds to $5,849), likely resulting in the Roth conversions being somewhat taxable.