In-Plan 401k Conversion Deadline

Forum|Forum|4 years ago
April 14, 2022
1 reply
2 views

On Dec 30 2021 I did an online In-plan 401k Roth Conversion with Pre-tax money. Online the Trustee confirmed the conversion for 2021,but did not send a 1099. My online account shows the Conversion for 2021. I later received a statement confirming the Conversion for 2022 instead of 2021, so no 1099 for 2021. I messaged them about the issue, but was told call.

What is the IRS deadline for an In-Plan 401K conversion ?

Are there any procedures or regulations I can refer to when I call the Trustee to have them issue the 1099R for 2021 ?

Not A Product Question

macuser_22

Alumni - Champ

You should have received the 1099-R no later then Jan 31, 2022.

The filing deadline for your tax return showing the conversion is April 18, 2022 or Oct 15 if you file an extension prior to April 18, but any tax owed mist be paid by April 18.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Edge10Author

Level 2

I called the administrator/trustee and they said that the conversion will be effective for 2022 not 2021 . A 1099 will be issued for 2022. They claim this is because they need at least 5 days prior to end of year for processing. There was no notice on the web site about the 5 days needed and my statement and web account shows the conversion was completed 2021.

Do I have any recourse ? Does the IRS use the 1099 as the date for the conversion or my statement ?

Critter-3

Level 15

You have no recourse ... next time don't wait until the last minute to do anything financial related as all of these have a time frame to complete the transaction.