Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Hi, All I open Regular IRA account in 1997 and end of 1998 I converted to a ROTH IRA. When I was doing my 1998 year tax found out that I'm not eligible to that conversion, because my AGI (Adjusted Gross Income) was over 100K. So I had to deconvert my ROTH IRA into Regular IRA. So now my question is what I need to do. Do I need to report that? Any help will be greatly appriciated...
Print the post Back To Top
No. of Recommendations: 0
<< Hi, All I open Regular IRA account in 1997 and end of 1998 I converted to a ROTH IRA. When I was doing my 1998 year tax found out that I'm not eligible to that conversion, because my AGI (Adjusted Gross Income) was over 100K. So I had to deconvert my ROTH IRA into Regular IRA. So now my question is what I need to do. Do I need to report that? >>

Yes. You should have by now received a 1099-R for the recharacterization from Roth back to traditional. You'll report that on the 1040, line 15 and on Form 8606.

Phil Marti
Tax Preparer
Print the post Back To Top