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george-brackett

Solved

IRA transfers

Forum|Forum|1 year ago
January 27, 2025
2 replies
0 views

Should I receive a 1099-r for a transfer from one IRA custodian to another IRA custodian?

Best answer by dmertz

A properly done trustee-to-trustee transfer is neither a distribution nor a rollover is therefore not reportable. There should be no Form 1099-R reporting it a distribution and no entry on a Form 5498 reporting it as a a rollover, nothing to enter into TurboTax.

Yes, this is a trustee-to-trustee rollover, which is not taxable. But you will receive a form 1099-R from the first custodian.

You'll enter that form in TurboTax and follow through with the TurboTax interview to indicate that this is a rollover to another IRA.

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dmertzAnswer

Employee

A properly done trustee-to-trustee transfer is neither a distribution nor a rollover is therefore not reportable. There should be no Form 1099-R reporting it a distribution and no entry on a Form 5498 reporting it as a a rollover, nothing to enter into TurboTax.