If you complete a Roth conversion, you’ll receive tax forms that report the transaction to you and the IRS. Here’s what to expect.
Which tax forms will I receive?
You’ll typically receive two IRS forms:
Form 1099-R – reports the distribution from your Traditional IRA
Form 5498 – reports the amount converted into your Roth IRA
Together, these forms show that your funds were converted, not withdrawn.
What is Form 1099-R?
Form 1099-R is issued when a distribution is taken from the IRA and reports the amount that was withdrawn from the account, along with any tax withholding elected at the time of distribution.
Even if the funds remain invested and are moved in kind, a Roth conversion will result in the issuance of a 1099-R form.
What is Form 5498?
Form 5498 is issued for the total contribution amounts made to your IRAs. It confirms the amount that was converted into your Roth IRA.
Why do these forms arrive at different times?
Form 1099-R is issued earlier because it reports a distribution. Form 5498 is issued later because it reflects finalized contribution details, and contributions can be made up until the tax filing deadline, known as a prior year contribution.
Do I need both forms to file my taxes?
You can file your taxes using Form 1099-R if needed. Form 5498 is issued after the tax filing deadline and is for your records to help the IRS match the conversion.
Public does not provide tax advice. You may want to consult a tax professional if you have questions about how a Roth conversion affects your taxes.