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Financial Planning / Tax Strategies
|Subject: Roth conversion acct||Date: 1/27/1999 1:54 PM|
|Author: gyung||Number: 9063 of 122503|
In 1998 I combined 2 accts. into 1 roth conversion IRA:
1. I had an 401K which went into a rollover IRA which I converted into a Roth conversion IRA ($10K)
2. I converted my traditional IRA into that same Roth conversion IRA. ($10K)
I have a few questions about this:
1. What paperwork should I be expecting? (one 1099-R, two 1099's)-(I don't know if 1099-R is the correct name for IRA distributions, but in this example I will use 1099-R to make things simple)
2. For the 401K money I get taxed for the full amount converted, but for the traditional IRA, $8K of the $10K was non-deductible money I put in each of the past 4 years. I did submit 8606's for them. But will I get a 1099-R taxing me for the full amount of my traditional IRA? If so, what do I do to explain $8K was my basis from previous non-ded. contributions?
Also, I sent in the four 8606 forms this year. I only learned about that form this year. Do you think I will get penalized for sending them in late? Does this have an effect on how much my 1099-R for the traditional IRA distribution is?
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