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converting part of a standard IRA to a Roth IRA.

Forum|Forum|5 years ago
December 19, 2020
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I am going to convert part of my standard IRAs from standard to Roths. To decide how much to convert for 2020 I am trying to use a copy of my 2019 return. I am changing the amount on one of the 1099-Rs but I need to change box 7 from RMD to something else. What do I use? I'm thinking #7 but I'm really not sure. Please help.

Best answer by dmertz

The code remains code 7. This should not be a change from the code present on the 2019 Form 1099-R. Since you are over age 59½, (in fact, over age 70½), your 2019 From 1099-R would have also had code 7.

macuser_22

Employee

A code 7 is a normal distribution if you are age 59 1/12 or older. There is no code for a RMD and nothing on a 1099-R indicates an RMD whatsoever. Since a RMD can be satisfied from any IRA account that you have the IRA custodial that issued the 1099-R would not know if it was a RMD or not. In fact, nothing about a RMD goes on a tax return at all other than a penalty for failing to take it.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

D

dmertzAnswer

Employee

The code remains code 7. This should not be a change from the code present on the 2019 Form 1099-R. Since you are over age 59½, (in fact, over age 70½), your 2019 From 1099-R would have also had code 7.

C

caldaubertAuthor

Great. I will use the number 7 in box 7 to determine what amount to convert from a standard IRA to a Roth. Thanks for your help and the speed of your response. It's great to find others interested in answering my questions.