2021 Beneficiary IRA trustee-to-trustee transfer

Forum|Forum|4 years ago
February 5, 2022
2 replies
27 views

Hi all! I completed a trustee-to-trustee transfer in 2021 from one Beneficiary IRA to another Beneficiary. I thought that i was supposed to receive a tax document for this "rollover"? It was a in-kind, whole account transfer. However, when I messaged my old Beneficiary IRA (Ameriprise), they responded with:

"our 1099-R statements are mailed by January 31, 2022.  I checked your records and you did not receive a tax package for 2021. A direct custodial transfer, the movement of money from one qualified retirement plan to another (e.g., traditional IRA to traditional IRA), is not reportable to the IRS since the client is not taking constructive receipt of the assets.  The dollars are transferred from one custodian/trustee directly to the new custodian/trustee. "

I thought that I was supposed to receive some sort of tax document to state that my rollover from one beneficiary IRA to another beneficiary IRA was a "reportable" event? So based on Ameriprise's above message, it's no longer reportable?

I'm not seeking tax / professional advice, I'm just trying to gather all my necessary documents....

Thank you!

I really appreciate any help you can provide!

Best answer by DanaB27

Yes, if you have a trustee-to-trustee transfer from one IRA to another IRA then you won't be receiving a 1099-R and you do not have to report this on your tax return.

DanaB27Answer

Level 15

Yes, if you have a trustee-to-trustee transfer from one IRA to another IRA then you won't be receiving a 1099-R and you do not have to report this on your tax return.

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dmertz

Level 15

A trustee-to-trustee transfer of a Beneficiary IRA is not a distribution and not a rollover. It is nonreportable.