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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?

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1 Reply
dmertz
Level 15

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?

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.

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