Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 3, 2019 10:17:37 AM

I rolled-over traditional IRAs into 1 traditional IRA. No income from the transfer was received but I received1099-Rs from each of the companies. Do I report this?

0 2 253
2 Replies
Level 15
Jun 3, 2019 10:17:38 AM

If these were truly distributions from traditional IRAs and the Forms 1099-R have the IRA/SEP/SIMPLE box marked, you've violated the one-rollover-per-12-months rule.  Only the first of these distributions to be rolled over was permitted to be rolled over.  Amounts deposited as rollover contributions that are in violation of the one-rollover-per-12-months rule are excess contributions to the traditional IRA that are subject to penalty.

If the money was properly moved trustee-to-trustee, the transfer is neither a distribution nor a rollover and should not have been reported on a Form 1099-R.

New Member
Jun 3, 2019 10:17:43 AM

I have done this twice in the last two years. Because they are "direct rollovers" they are not taxable. But you still have to report them. There will be a check mark in one of the boxes that will indicate this "direct rollover" situation and Turbotax will ask about that and have you fill it in correctly. The amount from the rollover will still show up on your bottom line as "income". But you won't be taxed on it.