Reporting IRA conversion that happened after Jan 1st.

apoursh — Mon, 10 May 2021 13:40:39 GMT

Hi,

I'm wondering if it's possible to report Traditional to Roth conversion for year X if the conversion happened in year X+1 before the deadline? My understanding is that I will only receive a 1099-R if the conversion is done before the end of year X. Given that I did the conversion for the tax year X but in year X+1:

1) Should I report that in year X or X+1?

2) Would I be able to do another conversion for the tax year X+1?

Thanks,

Re: Reporting IRA conversion that happened after Jan 1st.

DanaB27 — Mon, 10 May 2021 13:56:39 GMT

1) You will report the conversion in the year the conversion happened. For example, if you convert the amount in 2021 you will get a 2021 1099-R in 2022 and report it on your 2021 tax return like this:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
On the "Your 1099-R Entries" screen click "continue"
Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
Answer the questions about the basis and value

2) Yes, there is no limit on the number of conversions per year.

topic Reporting IRA conversion that happened after Jan 1st. in Retirement tax questions

Reporting IRA conversion that happened after Jan 1st.

Re: Reporting IRA conversion that happened after Jan 1st.