I converted my traditional IRA to a Roth IRA at my bank this year. Can I transfer this to Vanguard "in-kind" this year? Does this break the one rollover per year rule?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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The whole traditional IRA account was converted into a new Roth IRA account and the plan is to transfer all of it into a new Roth IRA account at Vanguard.

Also, how many 1099-R forms should I expect to get for the conversion and transfer?

Thanks!

TurboTax PLUS Online

Best answer by dmertz

No. Roth conversions are disregarded with respect to the one-rollover-per-12-months rule.

You would expect to receive only one Form 1099-R reporting the conversion unless you had taxes withheld and you were under age 59½ at the time of the distribution from the traditional IRA. If you were under age 59½, the portion that was converted to Roth should appear on a code 2 Form 1099-R and the amount(s) withheld for taxes should appear on a code 1 Form 1099-R.

dmertzAnswer

Level 15

No. Roth conversions are disregarded with respect to the one-rollover-per-12-months rule.

VolvoGirl

Level 15

Hello? I didn't see anyone address the first conversion from Traditional IRA to ROTH. That is taxable and you should get a 1099R for that one.

Oh, dmertz did in the first answer.