@5spice wrote:
update: I contacted both banks. bank-A coded it as a "distribution" and bank-B coded it as a "transfer". bank-A did not withhold any taxes. I think it will end up being an indirect rollover tax-wise.
Do you agree? thx!
Yes, it will be an indirect rollover. Back A receives no feedback form bank B whatsoever. Bank A only knows that you took a distribution. They really do not care what you did with the distribution. It will be up to you to report the 1099-R on your tax return as a rollover. The 5498 that bank B will issue only confirms that it was rolled over.
**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.**
