How does the tax reporting work on Roth conversions?
If an individual is converting a traditional IRA, including a SEP, SIMPLE, 11 or rollover, he/she will receive a 1099R from the individual’s IRA custodian indicating the amount of the conversion, though it says a distribution in Box 1. Box 2a will indicate the taxable amount if known to the custodian or Box 2b, taxable amount undetermined, will be checked. Either distribution code 2, if the individual is under age 59½, or code 7, if individual is age 59½ or older, will appear in Box 7.
