Reversed 2014 Roth into a traditional IRA after 2014 1099-R has been issued.

[AZ-Tax]

First one for me. The letter from the custodian is dated May 6, 2015. Will this effect the TP's 2014 or 2015 tax return?

[ATSMAN]

First one for me. The letter from the custodian is dated May 6, 2015. Will this effect the TP's 2014 or 2015 tax return?

The 1099-R will be fr the 2015 tax year so make sure your client is ready next season!

[kathyc2]

First one for me. The letter from the custodian is dated May 6, 2015. Will this effect the TP's 2014 or 2015 tax return?

I'm confused. Client changed 2014 contribution from a Roth to a traditional? If you are talking about a contribution, what would that have to do with a distribution on 1099R?

[FEDUKE404]

Clarification needed

I'm a bit confused here.

Are we possibly talking about a Form 5498 issued earlier this month for 2014? ? Many people, including myself, will see those arrive within the next month or so. . .especially if they made some "late" 2014 IRA payments up to the April 15th deadline.

If there was, in fact, a Form 1099-R issued in May of 2015 then I think the answer to your inquiry rests in carefully reviewing the IRS instructions for the letter distribution code(s) that appear in Box 7 of each Form 1099-R. Depending on the facts at hand, you could have further work ahead of you.

Not to say it does not occur, but I've not encountered any Forms 1099-R coming from an IRA custodian at this time of year.

FE