You'll need to sign in or create an account to connect with an expert.
Yes. You do need to report this. You can contact the investment company to get a copy of the 1099R Form. When you report this information in Turbo Tax, the code that is in box 7 will indicate whether this is a trustee to trustee transfer (code G) or a rollover. There is no limit on trustee to trustee transfers but there are limitations on rollovers.
According to page 23 of pub 590A under the heading, "waiting period between rollovers", "generally if you make a tax free rollover of any part of a distribution from a Traditional IRA, you cannot within a 1 year period, make a tax free rollover of any later distribution from that same IRA. You also cannot make a tax free rollover of any amount distributed, within the same 1 year period, from the IRA, into which you made the tax free rollover. The 1 year period begins on the date that you receive the IRA distribution, not on the date you roll it over into an IRA".
"However, trustee to trustee transfers between IRAs are NOT limited and rollovers from Traditional IRAs to Roth IRAs (conversions) are NOT limited".
Please refer to page 21 under the heading, "trustee to trustee transfer" and pages 23-24 of pub 590A under the headings, "rollover from one IRA into another", "waiting period between rollovers", "example", "application of one rollover per year limitation", and "example" for additional information. https://www.irs.gov/pub/irs-pdf/p590a.pdf
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
kirkshoe
New Member
vinmaps
New Member
rbtnich
Level 1
skrynicky
New Member
skgabaldon
New Member