I haven't received a 1099-R from Vanguard (yet?). I had contributed the $6500 as noted on the Form 5498 but when I realized I exceeded the income requirements and didn't qualify for contributing the full 6500, I had the Vanguard transfer the money to my brokerage account. $6500 + $2121.61 (as noted on Apr 30 Roth IRA Statement, on page 5), where the $2121.61 were the earnings that would have to be declared. This is what the folks at Vanguard told me. I checked the account again this morning and don't see any new tax forms. Is this something I should circle back to Vanguard and push them to supply one? In this situation client need required Form 1099-R or not and if required what we said to the client and what we asked him?
In your situation, it sounds like you corrected an excess Roth IRA contribution by having Vanguard transfer the excess contribution and its earnings to your brokerage account. This type of transaction typically requires a Form 1099-R to report the distribution. Here’s what you should do: 1. **Contact Vanguard**: Reach out to Vanguard and inquire about the status of your Form 1099-R. Explain that you had an excess Roth IRA contribution that was corrected by transferring the funds to your brokerage account, and you need the form to accurately report the transaction on your tax return. 2. **Timing**: Financial institutions are required to send out Form 1099-R by January 31st of the year following the distribution. If you haven't received it by then, it's important to follow up. 3. **What to Ask**: When you contact Vanguard, you can say something like: - "I corrected an excess Roth IRA contribution last year by transferring the excess amount and its earnings to my brokerage account. I need to ensure I receive a Form 1099-R for this transaction to report it on my tax return. Can you confirm when I will receive this form?" 4. **Reporting**: Once you receive the Form 1099-R, you will need to report the distribution on your tax return. The earnings on the excess contribution may be subject to income tax and possibly a 10% early withdrawal penalty if you are under age 59½. In summary, yes, you do need
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