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Level 1

Direct Transfer Roth IRA Conversion

I did a direct transfer for my traditional IRA in to a Roth IRA from one trustee to another.  When I contacted both banks, they both said they don’t need to issue me a 1099-r.  Shouldn’t I receive the form showing the conversion amount that I should be taxed on?  If so, which bank is supposed to provide it, the sending or receiving bank of the transfer?

3 Replies
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Level 15

Direct Transfer Roth IRA Conversion

Your Traditional IRA Account should give you a 1099R probably with a G for the code.  Did they take taxes out of the transfer?  Call them again and ask someone else.

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Level 1

Direct Transfer Roth IRA Conversion

@VolvoGirl Thanks for the response.  I don’t think they took any taxes because I marked the form for them not to because I was planning to just pay it on my taxes.  The amount transferred was $25 less but I think that was for some random fees for the transfer.  I’ll try to call again and see if someone else is more helpful.

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Level 15

Direct Transfer Roth IRA Conversion

Apparently the traditional IRA custodian thought that you were trustee-to-trustee transferring to another traditional IRA.  However, what you did is a Roth conversion, not a trustee-to-trustee transfer between IRAs of the same type.  It's not clear whether the Roth IRA custodian thought you were trustee-to-trustee transferring from another Roth IRA or if they will be showing on Form 5498 receipt of a Roth conversion contribution.

 

Had this all been done properly, the traditional IRA custodian would have issued a code 1 (if you were under age 59½) or code 7 (over age 59½) Form 1099-R.  Unless you can get the traditional IRA custodian to correct their records as to the type of transaction and issue a Form 1099-R, you'll need to submit a substitute Form 1099-R with the amount in boxes 1 and 2a, box 2b taxable amount not determined marked, code 1 or code 7 in box 7 depending on your age and the IRA/SEP/SIMPLE box marked.