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Describe your last year's 1099-R from Roth Conversion
Old 10-13-2010, 02:09 PM   #1
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Describe your last year's 1099-R from Roth Conversion

Do you have an old 1099-R that you got from a past Roth Conversion? Please read on!

My approach (maybe overly detailed) is to run through my tax software with a Roth conversion I plan to do this year. The problem is I don't know what will be on the 1099-R that Fidelity will be sending. So I'm stuck on that part of the software's "interview". I know the amount, and can presume certain boxes would not have values, etc, but I'm not 100% confident. There's also the "distribution code", which I imagine must be a "2", but I guess they could put something else on there too.

If I could hear back something like "I converted a traditional to a Roth last year and boxes x, and y had the same value, the distribution code was "z", and none of the other boxes were filled in.

I called Fidelity and asked them, but, eh, yeah, the guy was stumped and told me to call the IRS.

--Dale--
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Old 10-13-2010, 02:30 PM   #2
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Welcome to the Forum

I've done the same thing as you and guessed at the answers so I'll be interested in seeing any responses. In my case I converted a VG T-IRA to a Roth. I have no other IRA's with VG or anyone else, and know the cost basis, so I know what should be the taxable portion, and after the Q&A looked at the form view and it looked correct to me.
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Old 10-13-2010, 02:40 PM   #3
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There might be information here: http://www.irs.gov/pub/irs-pdf/f1099r.pdf

that would help show where on what form you would see the amounts for a Roth
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Old 10-13-2010, 04:15 PM   #4
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From my son's '09 vanguard conversion

On the 1099-R, box 1 is the distribution amount - the amount you are converting. Same amount in box 2a. Box 4 if any tax is withheld (not usual). Box 7 code 2. IRA/SEP box checked. Nothing else.

Good luck with your conversion.
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Old 10-13-2010, 04:18 PM   #5
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Quote:
Originally Posted by MichaelB View Post
From my son's '09 vanguard conversion

On the 1099-R, box 1 is the distribution amount - the amount you are converting. Same amount in box 2a. Box 4 if any tax is withheld (not usual). Box 7 code 2. IRA/SEP box checked. Nothing else.

Good luck with your conversion.
Thanks Michael
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Old 10-13-2010, 04:53 PM   #6
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Quote:
Originally Posted by Alan View Post
Thanks Michael
My pleasure.
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Old 10-13-2010, 08:24 PM   #7
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Quote:
Originally Posted by MichaelB View Post
From my son's '09 vanguard conversion

On the 1099-R, box 1 is the distribution amount - the amount you are converting. Same amount in box 2a. Box 4 if any tax is withheld (not usual). Box 7 code 2. IRA/SEP box checked. Nothing else.

Good luck with your conversion.
Thanks for the precision response! Exactly what I needed to get through the interview. I'm new to this particular forum site but I have a feeling, based on this start, I'll be here a lot!

And to Alan, I'm glad to know I'm not the only one doing this kind of analysis. Just seemed like the thing to do in order to get a bead on this thing. Two calls I made were to Fidelity (nice enough, but I got the feeling the rep thought I was nuts for even thinking of it), and to H&R Block - TaxCut (asking when the new tax software will be available for download...wouldn't tell me, finally wrangled out that the '09 version came out last year in mid-November). So I'm running the numbers with last years' version.

--Dale--
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