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2022 Tax Year - Roth IRA Conversion, should I not upload my 1099 files?

Forum|Forum|2 years ago
October 5, 2023
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You’ll receive a Form 1099-R with code 2 in box 7 (or code 7 if your age is over 59 ½) in the year you make your Roth conversion. You should report your conversion for the year you receive this 1099-R:

If you received this form in 2022, complete both steps below to report it on your 2022 taxes
If you'll receive this form in 2023, wait to report it on your 2023 taxes. In this case, only complete Step 1 below for your 2022 taxes. You’ll complete both steps next year when filing your taxes for 2023

https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-ira-conversion/L7gGPjKVY_US_en_US

Background:

I contributed to my Roth IRA, but I had a change in income in 2022, so I withdrew it. Contributed to my traditional IRA, and did the Roth conversion in Sep 2022. I received the Fidelity 1099-R files in 2023.

Based on the above link, I should not upload any of these files and only fill out Step 1: Enter the Non-Deductible Contribution to a Traditional IRA section. I just want a confirmation if this is actually what it is saying?

Product is TurboTax Premier Windows

Thanks

Best answer by NCPERSON1

@jerrylshen

in what year did you do the contribution to the IRA?

in what year did you withdraw it? if you withdrew it in 2022, it must be reported. if you withdrew it in 2023, wait until you file your 2023 tax return to file it.

I think the instuctions are confusing. if the 1099-R states '2022' it must be reported on your 2022 tax return,

N

NCPERSON1Answer

@jerrylshen

in what year did you do the contribution to the IRA?

in what year did you withdraw it? if you withdrew it in 2022, it must be reported. if you withdrew it in 2023, wait until you file your 2023 tax return to file it.

I think the instuctions are confusing. if the 1099-R states '2022' it must be reported on your 2022 tax return,

J

jerrylshenAuthor

in what year did you do the contribution to the IRA?

I contributed to both IRAs in 2022.

in what year did you withdraw it? if you withdrew it in 2022, it must be reported. if you withdrew it in 2023, wait until you file your 2023 tax return to file it.

I withdrew it in 2022.

I think the instuctions are confusing. if the 1099-R states '2022' it must be reported on your 2022 tax return,

Well, that simplifies things, both 1099-R states 2022.

But would it be different if the roth conversion was done in 2023 but the 1099-R form state 2022?

Thanks