IRA owners may convert a traditional IRA to a Roth IRA under certain circumstances without any penalties.
Beginning in 2018, however, investors can no longer undo or “recharacterize” a contribution or a conversion to a Roth IRA, made after Dec. 31, 2017, and transfer money back to a traditional IRA account.
Please note that Form 1099-R combines all IRA distributions in 2019 (with the same distribution code in box 7) attributable to a single mutual fund, including each Roth IRA conversion and any recharacterizations. In order to prepare your taxes, you will need to know what portion of that combined total represented each transaction. For a more detailed summary of your IRA account activity, please refer to your 2019 year-end account statement. If you need a copy of your 2019 year-end statement, please call the Shareholder Service Center at 800 523-1918, weekdays between 8:30am and 6:00pm Eastern time.
For more help with Roth IRA conversions, please see IRS instructions for Form 8606.