Niele,
I am doing something very similar to your approach for handling conversions to a Roth IRA. I made my own spreadsheets (not using the online forms) and have all of the purchases listed with copies of the monthly statements for documentation. Here is a question I emailed to the claims administrator:
"I have transferred some shares in 3 transactions from my traditional IRA to my Roth IRA. Fidelity labeled these as “Roth Conversion” on the monthly statements (see attached examples). The share price they used is the closing price on the conversion date. There was not, however, an actual transfer of money – no money was received in the IRA account and no money was expended in the Roth IRA to make this transfer. I have attached sample sheets from 2 monthly statements to show how Fidelity noted this. From an accounting perspective, I need to account for the transferred shares to make my documentation balance for purchases and total shares in both of my IRAs. I propose to show a negative number of shares in the traditional IRA spreadsheet as if it were a sale, however, I would explain with a note that it was a transfer/conversion, not an actual sale. I would make a similar notation for the shares on the Roth spreadsheet. I would provide copies of the monthly statements to document these transactions. Please advise if this is satisfactory."
This is their response:
It appears that as long as you explain what you are doing and provide backup documentation, they will accept that approach.
I am doing something very similar to your approach for handling conversions to a Roth IRA. I made my own spreadsheets (not using the online forms) and have all of the purchases listed with copies of the monthly statements for documentation. Here is a question I emailed to the claims administrator:
"I have transferred some shares in 3 transactions from my traditional IRA to my Roth IRA. Fidelity labeled these as “Roth Conversion” on the monthly statements (see attached examples). The share price they used is the closing price on the conversion date. There was not, however, an actual transfer of money – no money was received in the IRA account and no money was expended in the Roth IRA to make this transfer. I have attached sample sheets from 2 monthly statements to show how Fidelity noted this. From an accounting perspective, I need to account for the transferred shares to make my documentation balance for purchases and total shares in both of my IRAs. I propose to show a negative number of shares in the traditional IRA spreadsheet as if it were a sale, however, I would explain with a note that it was a transfer/conversion, not an actual sale. I would make a similar notation for the shares on the Roth spreadsheet. I would provide copies of the monthly statements to document these transactions. Please advise if this is satisfactory."
This is their response:
Quote:You would want to be sure to include the documentation of the shares leaving the first account and entering the second, confirmed.
We will reach out if anything further is needed once any submitted claims have been reviewed. If you have any further questions, please feel free to contact our office.
Thank you.
Quote:Claims Administrator
Strategic Claims Services, Inc.
Quote:600 N. Jackson St. - Suite 205
Quote:Media PA 19063
Quote:Phone: 610-565-9202
Quote:Fax: 610-565-7985
Quote:Toll Free: 1-866-274-4004
It appears that as long as you explain what you are doing and provide backup documentation, they will accept that approach.
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