Contributions
Contributions for all types of IRAs—Roth, traditional, SEP, and SIMPLE—are reported on Form 5498.
Contributions for all types of IRAs—Roth, traditional, SEP, and SIMPLE—are reported on Form 5498.
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 from a Roth IRA to a traditional IRA—and vice versa—are reported on 2 different tax forms:
You'll see an "R" in Box 7 of Form 1099-R.
Although the original contribution or conversion took place in 2020, the recharacterization will be reported for the 2021 tax year.
You'll see an "N" in Box 7 of Form 1099-R.
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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*While our specialists are qualified to provide information about Vanguard products and services, they can't provide tax advice. If your tax situation is complex or if you're uncertain about the interpretation of a specific tax law, we recommend that you consult a qualified tax advisor.