Traditional IRA 2023 Contribution Withdraw and Redeposit into the IRA Account - Do I report this on my Return?

Forum|Forum|1 year ago
April 4, 2025
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Hello All,

During the course of 20222 and early part of 2023, I was depositing into my Vanguard traditional IRA account for year 2023 because I didn't know if my wife and I combined adjusted income would have exceeded the threshold to deposit into my Vanguard Roth IRA account. I determined that I could deposit into my Roth IRA for year 2023 when I was filing my tax return. I therefore did a withdrawal and redirected that amount into my Roth IRA before the filing due date of April 15, 2024.

Vanguard provided a year 2024 Form 1099-R for the Traditional IRA account which shows the distribution. However, Vanguard didn't produce a year 2024 Form 1099-R for the Roth IRA. How is this being handled and how could I tell that I'm not going to be tax on the distribution within the form 1040? I shouldn't right?

Hope I have explained my situation.

Aloha in advanced!

VictoriaD75

Did you take a distribution from the Roth IRA? The 1099-R from the traditional shows the withdrawal from that account. If you did not separately make a withdrawal from the Roth, you will not receive the tax document. The 1099-R is used for reporting distributions only, not the contribution from the traditional funds. If you are trying to report the conversion from a traditional to a Roth, see the instructions in the link below:

How do I enter a backdoor Roth IRA conversion?

@KauWai83

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KauWai83Author

Hi. I suppose the question is, do I get taxed on the traditional IRA distribution if I deposit it into my Roth IRA before the tax deadline? I did not perform a recharacterization.