The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: IRA transfer then early distribution||Date: 3/6/2000 6:50 PM|
|Author: melanieuy||Number: 31047 of 124815|
I know, all of my postings here indicate that I have not been the wrong kind of financial "fool." But reading these boards is helping to get me back on track with my finances -- thank you all!
I have one more tax question:
Last year I transferred all of the money in my traditional IRA account (at Fidelity) to a new Roth IRA account at a different company (Citibank). The funds were transferred from Fidelity directly to Citibank (I never received any check).
But three months later I was stupid and withdrew the amount in the new Citibank IRA account. It is an early distrubution, and I have to pay tax and penalties, I know.
My question is, do I also have to pay for the initial conversion from the traditional IRA to the Roth one? Where would I report this on my tax return? I contacted Fidelity, and they said there was no distribution involved and that's why they didn't send a 1099-R. The 1099-R from Citibank gives me the info I need to report the early distribution, but not the conversion to a Roth.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|