Gross Distribution on 1099R for Tranditional IRA to Roth IRA Conversion

[jignesh123]

Hello,

I contributed 6,500 to Traditional IRA on December 28th, 2023 and then did the Roth Conversion of that amount i.e. 6,500 on January 8th, 2024. In the past years, I did the conversion the same year but this year I did the conversion next year.

1099R form for 2023 reports Gross Distribution of 0.07 instead of 6,500 which it used to be when I did the Traditional to Roth Conversion in the same year. I thought as long as I do the conversion before March 31, it is still considered to be in the same financial year.

Is my 1099R reporting the correct Gross Distribution amount or should I update to 6,500 when filing taxes for year 2023? Or will I file this Gross Distribution when filing taxes for 2024?

My broker is Fidelity if that matters.

Thank you!

[dmertz · Accepted solution]

A Roth conversion performed in 2024 is reportable on your 2024 tax return, not on your 2023 tax return.  Roth conversions are done in a particular year, not for a particular year.