- Joined
- Sep 10, 2006
- Messages
- 4,072
So last fall we did a Roth conversion with T. Rowe. Their system wouldn't let me do it online (I think because we had I-class shares in the traditional IRA, and we would be converting to regular shares in the new Roth). So, we had to call and have a representative do the conversion for us.
I didn't realize until I went to do my taxes that they had described it as a non-taxable event. I went to look for my 1099-R...nothing...I then looked at the transaction in detail, and saw it was coded as "non-taxable" on both accounts. Geez!
We called them and after a long hold: "Yep, our mistake, we coded it wrong. We will have to create a case number and it will be corrected. Someone will call you when it is resolved, within 48 to 72 hrs."
They did fix the transaction, and it is now listed as a Roth conversion. Yay!
However, we have yet to receive our 1099-R.
Meanwhile no one ever calls us. We call them again and are told the forms will be mailed out next week sometime.
I had also messaged with them several times, during which the rep tries to tell us we don't need a 1099-R to do our taxes, we'll be getting form 5498 in May. When I tell him he's wrong, he writes back that we don't need the 1099-R because the conversion is non-taxable. Good gracious.
It's only after I ask that a supervisor call me that I get this response (still no phone call):
"After speaking with our Client Resolution Team, I can confirm that a 2022 IRS Form 1099-R will be generated showing your conversion. This form should be issued by the end of next week. We regret any inconvenience caused by this delay."
At least now I have it in writing. Hopefully we actually get it next week. I need to get my taxes done!
Ridiculous!
I didn't realize until I went to do my taxes that they had described it as a non-taxable event. I went to look for my 1099-R...nothing...I then looked at the transaction in detail, and saw it was coded as "non-taxable" on both accounts. Geez!
We called them and after a long hold: "Yep, our mistake, we coded it wrong. We will have to create a case number and it will be corrected. Someone will call you when it is resolved, within 48 to 72 hrs."
They did fix the transaction, and it is now listed as a Roth conversion. Yay!
However, we have yet to receive our 1099-R.
Meanwhile no one ever calls us. We call them again and are told the forms will be mailed out next week sometime.
I had also messaged with them several times, during which the rep tries to tell us we don't need a 1099-R to do our taxes, we'll be getting form 5498 in May. When I tell him he's wrong, he writes back that we don't need the 1099-R because the conversion is non-taxable. Good gracious.
It's only after I ask that a supervisor call me that I get this response (still no phone call):
"After speaking with our Client Resolution Team, I can confirm that a 2022 IRS Form 1099-R will be generated showing your conversion. This form should be issued by the end of next week. We regret any inconvenience caused by this delay."
At least now I have it in writing. Hopefully we actually get it next week. I need to get my taxes done!
Ridiculous!