Which year to report rollover from previous employer 401k to a traditional IRA

[SL12345]

1. I rollovered my previous employer's 401k to a traditional IRA in Feb 2023. Which tax year should I report this rollover? I have not received the 1099R for this rollover yet.

2. If I will convert this into Roth IRA later, should I do it before April 2023 or after April to simplify the tax?

[MarilynG1]

Yes, you would report the 401K Rollover to Traditional IRA on your 2023 tax return, since it was done in 2023.  You are correct that it would be easier to report if the rollover/conversion were reported in the same tax year.  

Your 1099-R will have a Code G in Box 7 to indicate the non-taxable rollover.  

Here's more info on IRA to Roth Conversions. 

[SL12345]

Thanks!

1. Does it mean I do not need to report this rollover for 2022 tax return even it happened in Feb 2023?

2. Should I do the conversion to Roth after April, so it would be counted for the tax year 2023, correct?

2. And I can report both rollover (401k to traditional IRA), and the conversion (Tradition IRA to Roth IRA) next year for tax year 2023, correct?

[dmertz]

1.  If the distribution from the 401(k) for the rollover to the traditional IRA occurred in 2023, it's reportable on your 2023 tax return.  Nothing about this rollover would be reportable on your 2022 tax return.

2.  Investment performance aside, it doesn't matter when in 2023 you do the Roth conversion.  Any distribution from the traditional IRA in 2023, including one for a Roth conversion, is reportable on your 2023 tax return.  No matter when it is done, nothing about this Roth conversion is reportable on your 2022 tax return.

[MichaelG81]

1. Correct, do not report this year.

2. You can do so anytime in 2023. If you made a contribution at anytime in 2023 it can be counted in your tax return done in 2024. 

3. If you did this rollover/conversion in 2023 it would be reported in 2024 on your 2023 tax return.

@SL12345