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M
mirendesai
April 13, 2025
Question

I rolled over a traditional IRA to a ROTH IRA. the bank gave me a wrong Distribution Code for box 7 on form 1099-R. How do I fix this?

  • April 13, 2025
  • 1 reply
  • 0 views
TT shows additional taxes owed due to early withdrawl

    1 reply

    D
    dmertz
    April 13, 2025

    What code is present?  A rollover to a Roth IRA from a traditional IRA (a Roth conversion) would normally have code 2 or 7 but could also have code 1.

     

    If the code is N or R, the transaction performed was a recharacterization of your traditional IRA contribution to make it a Roth IRA contribution instead, not a rollover.

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