In January 2020, I contributed $12k to a Roth IRA with Fidelity. Days later, I withdrew and sent to Vanguard. Received a 1099-R from Fidelity for full $12k. Please help!

Vanguard is able to recharacterize the $6k for 2020 to an indirect rollover. However, they say it's too late to do the same for the 2019 contribution. A tax advisor said the TurboTax software might be able to handle communicating this issue to the IRS.

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1 Best answer

Expert Alumni

Feb 3, 2021 7:49:27 AM

If you reinvested via rollover into the same type of account within 60 days, TurboTax will show you how to exclude the amount from income.

Expert Alumni

Feb 3, 2021 7:49:27 AM

If you reinvested via rollover into the same type of account within 60 days, TurboTax will show you how to exclude the amount from income.

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In January 2020, I contributed $12k to a Roth IRA with Fidelity. Days later, I withdrew and sent to Vanguard. Received a 1099-R from Fidelity for full $12k. Please help!