I rolled an old employers Fidelity retirement account into a Traditional IRA at Vanguard. I then waited around six weeks and CONVERTED the money into a Roth IRA. This was all done in 2018. I have 1099-R forms from both Fidelity and Vanguard. When submitting the Fidelity forms, it does not list any taxable amounts (which is correct since the money rolled into a traditional IRA). However at the end, it asks me if this money went into a Roth IRA? The money INITIALLY only went into a traditional IRA but ULTIMATELY (six weeks later) went into a Roth IRA. How should I answer, yes or no? (For reference, the Vanguard 1099-R lists the full sum of money as taxable). Will answering yes will lead to a "double" tax?
You'll need to sign in or create an account to connect with an expert.
These are two separate transactions. Your Fidelity distribution went to a traditional IRA, not to a Roth IRA. Answer No to both questions asking if the distribution went to a Roth account. The fact that you subsequently converted the traditional IRA to Roth has no bearing on the reporting of the rollover from Fidelity.
These are two separate transactions. Your Fidelity distribution went to a traditional IRA, not to a Roth IRA. Answer No to both questions asking if the distribution went to a Roth account. The fact that you subsequently converted the traditional IRA to Roth has no bearing on the reporting of the rollover from Fidelity.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
brett-devoursney
New Member
Faustind
Level 2
DS44325
Level 2
chiouc
Returning Member
milparker
New Member