Is a tradional IRA conversion to a Roth IRA reportable on 2024 tax return?
Is a traditional IRA conversion to a Roth IRA reportable on 2024 tax return?
031588
3 Replies
DoninGA
Level 15
Feb 23, 2025 5:26:35 PM
Yes, You should have received a Form 1099-R when you distributed the funds from the Traditional IRA.
huckles
Level 2
Feb 23, 2025 5:34:46 PM
Thank you DoninGA.
My 1099R reports amount converted from traditional IRA to Roth IRA as a withdrawal and that is fine. Other than paying tax on the withdrawal is there anything else I need to do?
Thank you
fanfare
Level 15
Feb 23, 2025 6:02:21 PM
If you have basis in IRA, you must attach a completed Form 8606.