Didn't get a Form 1099-R so I'm creating my own Form 1099-R

Forum|Forum|1 year ago
February 26, 2025
2 replies
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I transferred a CD to another bank and took out the distribution myself. On the 1099-R who is the Payer in this case?

pk12_2

Employee

@jasper13 , I am missing something here. If you are talking about Certificate of Deposit ( CD) , then it generally earns interest ( reported on 1099-INT ) -- generally nothing to do with IRAs, 401s , annuity, pension etc. ( those are the ones reported on 1099-R). Also 1099-R distributions have aged based penalties ( these are meant to be retirement savings/benefits ).

What did you actually do or are trying to do ?

rjs

Employee

I don't understand what you did, but you can't make up a fake 1099-R that wasn't issued and filed with the IRS by a financial institution.

jasper13Author

the CD was held in an IRA account. This CD was cashed out and transfer to a Fidelity IRA account by the bank.

pk12_2

Employee

@jasper13 if nothing went through your hands, i.e. it was admin/Bank to Admin, then there is no need to recognize the transfer (often this results in 1099-R with code G -- non-taxable "distribution" ).

Does this make sense ?