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Get your taxes done using TurboTax
You should not enter the 1099-Q in your federal return as the entire transaction is not taxable. The IRS instructions for 1099-Q are to only report taxable transactions.
Keep the document with your tax records for at least three years in case of any IRS inquiry, though one is not likely for these trustee-to-trustee transfers.
If you need to report the transaction for your state tax return, look for the area in your state program that addresses things your state handles differently.
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‎February 9, 2025
5:58 PM
2,181 Views