Checking > Brokerage > Traditional IRA > Roth IRA... I did $6000 in December for 2020 and $6000 in January for 2021...

The only 1099 I received was for the Traditional IRA and it lists all 12 as taxable, ETrade says I'm not going to get a 1099 for the Roth b/c there was no qualifying event.

How should I communicate to my accountant where the funds went? I shouldn't have to pay tax on the move to the Traditional, as the funds came from post tax accounts already. I'm so confused

likehelpful
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Form 8606. This is where you declare that you had converted the tIRA withdrawal into a retirement fund. That helps you avoid taxation.

likeuplifting

My man

like

If you did 6 in January 2021 why is It on a 2020 1099?

You only get a 1099 for a distribution. You took a distribution from traditional but not Roth. You will need to file a form 8606 with your return. Since you took no traditional deduction you have 6k of basis. Therefore none of the distribution will be taxable, assuming you converted right away and had no earnings

likesmart

Follow up question: Last month I made a 2020 contribution into a traditional IRA and rolled it over into a Roth. Why is this not showing up in my 1099 from TD ameritrade for 2020?

The contribution and the distribution are 2 transactions. There is no backdoor Roth transaction. You made a contribution for 2020 in 2021 but the withdrawal is in the actual tax year it happened.

helpful

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