2020 tax year direct rollover checks deposited in 2021
My direct rollover for tax year 2020 check arrived in January 2021 (Covid + Christmas mail backlog) and got deposited to new trustee bank on Jan 14th, 2021. Trustee is reporting this as 2021 2021 rollover despite me filling deposit slip clearly stating that it is 2020 rollover.
Is that a big problem that i am going to face with IRA? I am reporting this as 2020 rollover as it is 2020 rollover. I have copies of account statement indicating that check was deposited on Jan 14th, 2021. Is that sufficient documentation?
Permalink Submitted by Alan - IRA critic on Tue, 2021-03-16 19:54
Did you get a 2020 1099R from the plan? That’s the official notice that the plan distributed the rollover check in 2020, and it would not matter when the IRA custodian recorded the rollover contribution. If no 1099R received, then there will be a 2021 1099R and you will have to report the rollover on your 2021 return.
The 1099R year should not matter since a direct rollover is not taxable UNLESS you rolled a pre tax 401k balance into your Roth IRA. Not sure I understand what your concern is unless the rollover was to a Roth IRA.