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New Member
posted Apr 12, 2025 6:22:57 PM

I rolled over a traditional IRA to a ROTH IRA. the bank gave me a wrong Distribution Code for box 7 on form 1099-R. How do I fix this?

TT shows additional taxes owed due to early withdrawl

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1 Replies
Level 15
Apr 13, 2025 5:13:13 AM

What code is present?  A rollover to a Roth IRA from a traditional IRA (a Roth conversion) would normally have code 2 or 7 but could also have code 1.

 

If the code is N or R, the transaction performed was a recharacterization of your traditional IRA contribution to make it a Roth IRA contribution instead, not a rollover.