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I transferred assets from T.Rowe Price to Schwab. How do I file so that I am not penalized for any distributions pre-retirement?

 
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7 Replies

I transferred assets from T.Rowe Price to Schwab. How do I file so that I am not penalized for any distributions pre-retirement?

Are these assets in an IRA or other retirement plan? Or are they after-tax?

I transferred assets from T.Rowe Price to Schwab. How do I file so that I am not penalized for any distributions pre-retirement?

These are assets that came from Roth IRA.  I contribute Traditional and then do conversion to Roth.

I transferred assets from T.Rowe Price to Schwab. How do I file so that I am not penalized for any distributions pre-retirement?

They were transferred from one Roth IRA to another, or from a traditional IRA to a Roth IRA? And are you 59 1/2 or older?

I transferred assets from T.Rowe Price to Schwab. How do I file so that I am not penalized for any distributions pre-retirement?

They were 1st converted at TRowe from Trad to Roth. Then a month after that I moved Roth T.Rowe to Roth at Schwab.  I am younger than 59-1/2.

I transferred assets from T.Rowe Price to Schwab. How do I file so that I am not penalized for any distributions pre-retirement?

Please see the FAQ at <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3302189">https://ttlc.intuit.com/replies/3302189</a> . The transfer from T. Rowe to Schwab - did you actually move the Roth IRA from trustee to trustee or just change some assets within your existing Roth IRA?

On the 1099-R interview for the traditional to Roth conversion, you should be able to tell TurboTax that "you put this money in another retirement account", if it even asks (it depends on the distribution code that is on the 1099-R).

I transferred assets from T.Rowe Price to Schwab. How do I file so that I am not penalized for any distributions pre-retirement?

If you converted from a Traditional IRA to a ROTH then that is taxable but there won’t be the 10% Early Withdrawal Penalty on it.
dmertz
Level 15

I transferred assets from T.Rowe Price to Schwab. How do I file so that I am not penalized for any distributions pre-retirement?

If the transfer of the Roth IRA from T. Rowe Price to Schwab was made trustee-to-trustee, with the money never having been paid to you personally, and you receive no Form 1099-R for this transaction, it's not reportable.  If you do receive a Form 1099-R for the distribution from the T. Rowe Price Roth IRA, T. Rowe Price has reported it as a distribution and you must report by entering the Form 1099-R into TurboTax and indicate that it was moved to another retirement account and indicate the amount that was rolled over to the Schwab Roth IRA.

The Roth conversion performed as T. Rowe Price is certainly reportable and you should have received a Form 1099-R from the T. Rowe Price traditional IRA for the conversion that must be entered into TurboTax.

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