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Old 03-16-2010, 10:47 PM
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Exclamation Question re: IRA conversion to roth

In 2009 my husband converted his traditional IRA to a Roth. We did not receive the distribution; the Ameriprise folks just moved the money from one account to the other. The 1099R we've received doesn't make sense and my tax software won't accept the entries. The gross distribution amount in box 1 is also listed in box 2A - Taxable amount but box 2B "taxable amount not determined" is checked. The distribution code in field 7 is '2 - early distribution, exception applies'. My tax software keeps telling me that there should not be an amount above 0 in box 2a and to contact the financial institution. The Ameriprise folks say the entry is correct. I've read IRS Publication 590 in circles and am no less confused; it seems to say that the exception does apply (the 10% penalty, I think) but that the distribution applies to our AGI. I still don't understand how to report this/input it into my software.

Can anybody tell me how to appropriately report this? Please??

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