Reporting 2009 conversion to a Roth IRA. Did not receive a 1099-R.?
Thursday, July 29th, 2010 at
1:41 pm
I only received a statement of the fair market value of the transfer amount. Since it’s taxable, where do I report it? They aren’t giving me a 1099-R and I don’t know where to put it. Thanks
Filed under: Retirement Planning
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I received Form 5498 from my broker for both my IRA and Roth IRA, which included various info besides beginning and end of year balances and a 2008 recharacterization that didn’t quite happen until Jan 2009, and the conversion I did in 2009. But I don’t have those forms with me, so I am not sure if it showed anything as a substitute 1099-R for the conversion.
Maybe you don’t get a 1099-R if it was a direct conversion from IRA to Roth IRA at the same trustee and there was no withholding. But you have to put the full amount of the conversion (the value that came out of the IRA) on 1040 line 15a, or 1040A 11a (you cannot use 1040EZ). If you never had any "nondeductible" IRA contributions, the same amount would go on 1040 15b or 1040A 11b. If you ever had any nondeductible traditional IRA contributions you have to find the last 8606 you filed on that, and fill out Form 8606 to figure out the taxable amount on the b lines.
If you had any withholding from the converted amount you would add that withholding along with any other W-2 withholding on 1040 line 61. But if you did not add that withheld amount back into the Roth IRA within 60 days, you would also need to figure out the 10% penalty for the withholding on 1040 line 58.
they should have given you a 1099-R. the statement you are talking about is not the same as a 1099-R. if you had the firm that had your IRA deposit it directly into a Roth, it (the 10990) will say so. if not, you need the 1099-R and reconcile it as a rollover to ROTH – and of course, pay the taxes