Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: HardlyRich Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121169  
Subject: Roth Conversion Date: 2/21/2000 1:09 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Forgive me if this has already been posted and answered. I did a search but didn't really have an answer.

In 1998 I started a new Roth IRA (no conversion), and deposited my $2000. In January 1999, I made another $2000 contribution for the year 1999.

When filing my taxes in 1999 for 1998 I realized I exceeded the max AGI for a Roth. On April 1, 1999 the entire balance was recharacterized to a regular IRA. I filed form 8606 with my 1998 taxes for the $2000 contributed to the Roth in 1998.

In January 2000, I received a 1999 1099-R for the entire amount of the Roth recharacterization. The sum includes my 1998 and 1999 contributions and gains.

Now I'm not sure how to handle this 1099-R in my taxes. How do I report this gross distribution when part of it was for 1998 and part in 1999? Remember, I recharacterized prior to April 15, 1999. Do I simply ignore this 1099-R and report a regular IRA contrinution of $2000 for 1999?

Any help is appreaciated.

-HardlyRich
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

Disclaimer:
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.
Post of the Day:
Value Hounds

Ubiquiti Analysis
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! 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.
Advertisement