Screwup with Roth Conversion Taxes! Help!

[FREE866]

I just wonder what the code will be when I am over 59 1/2?

 

[RunningBum]

I just wonder what the code will be when I am over 59 1/2?

Looks like 7. I'll find out when I get my 2021 1099-R.

"Use Code 7: (a) for a normal distribution from a plan, including a traditional IRA, section 401(k), or section 403(b) plan, if the employee/taxpayer is at least age 59 1/2; (b) for a Roth IRA conversion if the participant is at least age 59 1/2;"

 

[FREE866]

(The "IRA/SEP/Simple" box is checked, not the "IRS" box.)

No, the 1099-R doesn't indicate that the money was converted to a Roth IRA. You have to tell the IRS that when you file your return by including form 8606. For a conversion, you will fill out Part II.

Yes, sorry IRA not IRS.
I sent the form to my accountant --I'm assuming he will know to include form 8606

 

[FREE866]

Looks like 7. I'll find out when I get my 2021 1099-R.

"Use Code 7: (a) for a normal distribution from a plan, including a traditional IRA, section 401(k), or section 403(b) plan, if the employee/taxpayer is at least age 59 1/2; (b) for a Roth IRA conversion if the participant is at least age 59 1/2;"

looks like that form 8606 that Cathy mentioned would have to be filled out too

 

[gayl]

Ok here's my 2c. I'd see a CPA and have him / her do it this year & all corrections. When there's an issue the extra $$s are worth it to me. Let's me sleep easy.

I usually do it on the TurboTax link on my bank account, they download everything. But your situation isn't normal

 

[sengsational]

Yes, box 7 = 7 for a Roth conversion for over 59.5. IRA/SEP/SIMPLE has "X"