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Level 2
June 5, 2019
Solved

Will money in 8 Roth IRAs combined and moved into a 5-year CD, on Turbo tax when amount is paced into another retirement form will this be a rollover?

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dmertzAnswer
Level 15
June 5, 2019

These are not permitted to be moved by distribution and rollover because you are only permitted to roll over one IRA distribution in a 12-month period.  You must move these Roth IRAs by nonreportable trustee-to-trustee-transfer in which the money is never paid to you but is instead paid directly to the aggregate Roth IRA.  Because a proper trustee-to-trustee transfer is neither a distribution nor a rollover, it is not reportable on your tax return so you'll have nothing to enter into TurboTax.  (Or, if any are distributed to you, you can roll over a maximum of one IRA distribution which you'll report on your tax return as having been rolled over.)

1 reply

dmertzAnswer
Level 15
June 5, 2019

These are not permitted to be moved by distribution and rollover because you are only permitted to roll over one IRA distribution in a 12-month period.  You must move these Roth IRAs by nonreportable trustee-to-trustee-transfer in which the money is never paid to you but is instead paid directly to the aggregate Roth IRA.  Because a proper trustee-to-trustee transfer is neither a distribution nor a rollover, it is not reportable on your tax return so you'll have nothing to enter into TurboTax.  (Or, if any are distributed to you, you can roll over a maximum of one IRA distribution which you'll report on your tax return as having been rolled over.)