I contributed to IRA in February and converted to ROTH IRA few days later. I want to report this, but Vanguard are telling me that I will not get 1099-r until May?

[jivko_kirov]

can I enter the information in Turbo tax without having 1099-r?

[dmertz · Accepted solution]

The Roth conversion performed in 2018 is reportable on your 2018 tax return, not on your 2017 tax return.  You'll receive the necessary 2018 Form 1099-R well before the filing deadline for your 2018 tax return.

If your traditional IRA contribution in 2018 was made for 2017, the traditional IRA contribution is reportable on your 2017 tax return.  Report the traditional IRA contribution based on your own records of the amount you contributed to the traditional IRA.  In TurboTax do NOT indicate that you recharacterized this to a Roth IRA.  (You did not).  Do not report any Roth IRA contribution.  (You made no Roth IRA contribution.)  If your traditional IRA contribution was instead made for 2018, it will be reportable on your 2018 tax return.

[jivko_kirov]

Thank you! Both the traditional IRA and the Roth conversion was made for 2017 (although done in February 2018). I am clear on the reporting the traditional IRA contribution on my 2017 return. But if I understand correctly, you are saying that I report the ROTH conversion on my 2018 return even though it was meant to use the 2017 allowance for ROTH conversion?

[jivko_kirov]

I mean the ROTH conversion was meant to be for 2017 tax year

[dmertz]

Roth conversions are done *in* a particular year, not *for* a particular year.  A Roth conversion done *in* 2018 is reportable on your 2018 tax return and has nothing to do with your 2017 tax return.

[jivko_kirov]

Ok, thanks. I did a bit more research too and it seems that while the IRA contribution amount is limited per year, you can do unlimited 'trustee-to-trustee transfers between IRAs' because it is not considered a rollover. Furthermore, you can also make as many rollovers from a traditional IRA to a Roth IRA (also known as “conversions”) in the same year. It is a useful clarification that ROTH conversions done before April and after April tax deadline are reportable on that year tax return (in my case 2018 tax return)