dmertz
Level 15

Retirement tax questions

The Form 1099-R for this transaction will be issued to you by Wells Fargo by January 31, 2024 unless Wells Fargo believed that this was a nonreportable trustee-to-trustee transfer.  Since it actually failed to be a nonreportable trustee-to-trustee transfer since the funds were move to a non-IRA account), if Wells Fargo does not issue a Form 1099-R you'll have to enter into TurboTax a substitute Form 1099-R to report the distribution.

 

Your only chance to correct this would be if you can convince an IRA custodian (probably Interactive Brokers since that's where the funds reside) to accept a late rollover to an IRA by taking advantage of reason 3.02(2)(c) of IRS Revenue Procedure 2020-46,  "the distribution was deposited into and remained in an account that the taxpayer mistakenly thought was an eligible retirement plan."  This would still be subject to the one-rollover-per-12-months limitation based on the date of the distribution from the Wells Fargo IRA.

 

https://www.irs.gov/pub/irs-drop/rp-20-46.pdf