I received a credit union Roth IRA report for 2024 in the mail today. In 2024, I did two direct transfers from two different sources; both were also ROTH IRA accounts. (It was via the credit union form that they send to the source bank; each time). Once in March that this report posts as Direct Transfer Deposit. Once in June from a different bank that this report posts as Rollover Current Year.
The end of the report SUMMARY FOR TAX YEAR 2024
Contributions -- the amount for the June transaction only
Total Plan Balance -- the sum of both transactions; March and June
Will this trigger a tax problem for me now or later? If it is wrong, anyone know best way to word it to the credit union what needs to be corrected and reported to the IRS?
Thank you in advance for helping me understand and get corrections if indeed that's the situation I'm in!
The end of the report SUMMARY FOR TAX YEAR 2024
Contributions -- the amount for the June transaction only
Total Plan Balance -- the sum of both transactions; March and June
Will this trigger a tax problem for me now or later? If it is wrong, anyone know best way to word it to the credit union what needs to be corrected and reported to the IRS?
Thank you in advance for helping me understand and get corrections if indeed that's the situation I'm in!
Statistics: Posted by KeepItSimpleSomehow — Fri Jan 24, 2025 8:23 pm — Replies 0 — Views 36