Form 1099-R for IRA
Hi,
In 2010, I converted a TIRA (a credit union CD) to a Roth. In July 2011, I recharacterized the entire accumulated amount of that CD back to a TIRA.
Now, I have received a form 1099-R from that credit union for taxyear 2011.
In block 1, it shows the amount that was recharacterized as the “Gross Distribution.” In block 2b, the “Total Distribution” block is checked. In block 7, the Distribution Code is “R.”
Is this Form 1099-R correct to describe the recharacterization that took place in 2011?
Thanks.
Gary_C
Permalink Submitted by Alan Spross on Sat, 2012-02-04 16:44
Gary,
Yes, it is correct. The “R” means that the recharacterization applies to 2010. You may have had to amend your 2010 return to eliminate the conversion reported on Form 8606 and if so you probably included an explanatory statement regarding the conversion/recharacterization, or you extended your return until October to include it.
If you did not do an explanatory statement about this, it is OK to disregard the 1099R now as long as it agrees with what you did. The IRS now has their copy and can likely determine what was done.
Permalink Submitted by Genevieve Comfort on Sun, 2012-02-05 03:13
Thanks, Alan. I did file for an extension last year, and I did include an explanatory statement addressing the recharacteriztion. Thanks for reassuring me that this Form 1099-R is correct.
gary