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How do you report a conversion from sep ira to Roth IRA

Forum|Forum|5 years ago
July 23, 2020
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Best answer by macuser_22

A 2020 conversion can only be reported on your 2020 tax return next year. You will receive the 1099-R next January.

(A 2019 conversion must have been completed before Dec 31, 2019).

macuser_22

Employee

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

If this was a rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

**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.**

B

bitbyaseagullAuthor

@macuser_22

What if you don’t have a 1099-R? I just did the conversion (a same trustee transfer) on July 13, 2020. My financial institution says it will not issue a 1099 until next year. If possible, I’d like to pay the tax as part of my 2109 taxes, though.

macuser_22Answer

Employee

A 2020 conversion can only be reported on your 2020 tax return next year. You will receive the 1099-R next January.

(A 2019 conversion must have been completed before Dec 31, 2019).

**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.**