Question

IRA conversion to Roth IRA not reported in 1099R

Forum|Forum|2 years ago
April 14, 2024
1 reply
0 views

I submitted an IRA conversion to Roth IRA on 12/30/23, but this was not processed by the brokerage company until the next business day which was 1/2/24. The transaction was not reported in 2023 1099R. Can I still report this in 2023 tax return? And include an explanation in my tax filing?!

I feel like customers are at the mercy of the varying processing time of the institutions.

Not A Product Question

fanfare

Employee

you are definitely at their mercy if you submit forms on the last possible day.

You did a conversion in 2024 so report it on your 2024 tax return.

@jc169

J

jc169Author

Not happy about the timing. Husband was out of work the entire year and finally found a job towards the end of the year and so decided to take advantage of the misfortunate. I submitted the request very late in 2023, but I also think that the institution should at least be clear about their processing time. If I were putting money to purchase an IRA on 4/15, no matter what day it lands, I am quite sure it will be counted. These two types of transactions are not treated equally.