Fidelity to Schwab IRA account conversions in 2023

gwinnyb66 — Tue, 24 Feb 2026 06:51:49 GMT

I converted my Fidelity roth and conventional IRA accounts to Schwab accounts in May of 2023. If it was a 100% conversion of the accounts with no withdrawals, will the transfer impact my 2023 taxes due? I assume I will be getting 1099s from both investment companies.

Re: Fidelity to Schwab IRA account conversions in 2023

Cate9 — Wed, 26 Jul 2023 19:01:49 GMT

If the accounts were simply "Rolled Over," into the same type of account as they were before, you will not have any tax consequences due to the rollover. You will get a 1099-R but the taxable amount should be stated as zero and the distribution code will indicate that it is a non taxable rollover. You do need to report these on your tax return as the IRS will be looking for your acknowledgement of the withdrawals and confirmation that they are non taxable.

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topic Fidelity to Schwab IRA account conversions in 2023 in Retirement tax questions

Fidelity to Schwab IRA account conversions in 2023

Re: Fidelity to Schwab IRA account conversions in 2023