Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.