Find out what to expect at tax time for all of your IRA contributions, conversions, and recharacterizations.
Tax reporting for IRA contributions, conversions & recharacterizations
Max out your contributions to your employer plan
After you've saved up to the match in your employer plan and maxed out your IRA, go back to your employer plan. The 2025 annual limit for employee contributions is $23,500 ($31,000 if you're age 50 or older and your plan allows catch-up contributions.)
Save for the future you want
Contributions
Contributions for all types of IRAs—Roth, traditional, SEP, and SIMPLE—are reported on Form 5498.
Conversions
Conversions from a traditional IRA to a Roth IRA are reported on Form 1099‑R.
The distribution code in Box 7 is determined by your age at the time you converted.
Recharacterizations
Recharacterizations from a Roth IRA to a traditional IRA—and vice versa—are reported on 2 different tax forms:
- Form 1099-R reports the distribution.
- Form 5498 reports the contribution.
Find out if you're on track for your retirement needs.
If you contributed or converted in 2021 and recharacterized in 2022
You'll see an "R" in Box 7 of Form 1099-R.
Although the original contribution or conversion took place in 2021, the recharacterization will be reported for the 2022 tax year.
If you contributed and then recharacterized, all in 2022
You'll see an "N" in Box 7 of Form 1099-R.
If you recharacterize a contribution in 2022
Since the recharacterization takes place in the 2022 tax year, you'll receive the tax form that reports the transaction in early 2023.
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