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Retirement tax questions
If you provided the IRA trustee with the name and account number of the new Traditional IRA then that trustee should have been able to just make a trustee-to-trustee transfer which would not be reportable on a 1099-R or your tax return. Simply moving Traditional IRA accounts from one trustee to another is not a reportable event and no check of distribution would be made to you.
What you are doing is a rollover since a distribution was made to you, in your name on a check so you are responsible for reporting it properly and rolling it over yourself. A trustee-to-trustee transfer is not a rollover, it is simply transferring the account from one trustee to another.
If you switch trustees in the future, insist that they do that as a transfer so you do not need to report it.
What you are doing is a rollover since a distribution was made to you, in your name on a check so you are responsible for reporting it properly and rolling it over yourself. A trustee-to-trustee transfer is not a rollover, it is simply transferring the account from one trustee to another.
If you switch trustees in the future, insist that they do that as a transfer so you do not need to report it.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 4, 2019
4:43 PM