Permalink Submitted by Alan Spross on Mon, 2011-02-28 19:25
Yes, a 1099R must be issued for all Roth conversions. It is coded with a 2 (prior to 59.5) if custodian transfers directly to a Roth, 1 if distributed to the taxpayer, or 7 if issued after 59.5.
Code T only applies to certain distributions FROM a Roth IRA, not from a TIRA. It is used when taxpayer is over 59.5, but custodian does not know if the 5 year Roth holding period has been completed.
Permalink Submitted by Alan Spross on Mon, 2011-02-28 19:25
Yes, a 1099R must be issued for all Roth conversions. It is coded with a 2 (prior to 59.5) if custodian transfers directly to a Roth, 1 if distributed to the taxpayer, or 7 if issued after 59.5.
Code T only applies to certain distributions FROM a Roth IRA, not from a TIRA. It is used when taxpayer is over 59.5, but custodian does not know if the 5 year Roth holding period has been completed.