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Conversion from traditional IRA to Roth. Contribution and conversion for 2023 done in early 2024.

In February 2024 I made a non-deductible contribution to my traditional IRA at Schwab for Tax Year 2023. I then converted the total contribution from the traditional IRA to my Roth IRA. This is permitted because I made the contribution before April 15, 2024. How do I get a 1099-R for reporting the distribution of the amount I converted to the Roth?  Can I receive a 1099-R from Schwab for 2023 or do I wait to receive 1099-R in 2024 for this 2023 transaction?  Thank you.

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dmertz
Level 15

Conversion from traditional IRA to Roth. Contribution and conversion for 2023 done in early 2024.

The traditional IRA contribution made for 2023 is reportable on your 2023 tax return.

 

The Roth conversion performed in 2024 is reportable on your 2024 tax return.  Nothing about the Roth conversion is reportable on your 2023 tax return.

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2 Replies
dmertz
Level 15

Conversion from traditional IRA to Roth. Contribution and conversion for 2023 done in early 2024.

The traditional IRA contribution made for 2023 is reportable on your 2023 tax return.

 

The Roth conversion performed in 2024 is reportable on your 2024 tax return.  Nothing about the Roth conversion is reportable on your 2023 tax return.

Conversion from traditional IRA to Roth. Contribution and conversion for 2023 done in early 2024.

Thank you.

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