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Retirement tax questions
If the funds were moved from one Roth IRA to another by trustee-to-trustee transfer, that is neither a distribution nor a rollover and is not reportable. Only if the funds were paid to you and you deposited the funds within 60 days to another Roth IRA would it be a distribution and rollover.
The term "direct rollover" only applies to the rollover of funds to or from a qualified retirement plan like a 401(k). The movement of funds between two Roth IRAs is never to be referred to as a direct rollover. Movement of funds between Roth IRAs is always either an ordinary (indirect) rollover or it's a nonreportable transfer.
‎February 9, 2024
3:09 PM
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