What year was my Roth Conversion 1999 or 2000?

[John G]

Alert! Do not trust your custodian to get the job done correctly or to make the proper notations for year or even valuation. This site has seen many problems and complaints related to custodian errors, delays and failure to complete.

Each IRA owner needs to be proactive about rollovers and contributions. In the case of rollovers, give your custodian a clear letter of instruction. Get a receipt. Check your statement.

Also... avoid the rush at year end and around tax season. Temp help is often brought in to handle the extra burdens and this may increase the number of errors.

[Guest Jeff I]

I established a Roth IRA by year end, but the funds were not Rolled over by the end of 1999. If I do so between now and when I file my 1999 return (April 15) will the conversion be included on 1999 taxes, or is my conversion now a 2000 conversion? Thanks.

[Michael Devault]

I assume from your question that you're rolling money from a traditional IRA. If that's the case, the date the money is distributed from the IRA is the factor that determines the conversion year.

If the money was distributed from the traditional IRA during 1999, you have 60 days to roll it into a Roth IRA (or back to a traditional IRA). If converted to a Roth, 1999 is the conversion year.

However, if the money hasn't yet been distributed from the traditional IRA, you'll have a conversion for the year 2000.

Hope this helps.