IRA ROLLOVER between institutions

[Mark154]

I rolled over my IRAs (Both roll over and Roth) twice during the year - from Schwab to Vanguard, then from Vanguard to Fidelity.  Should I have received a 1099-r or another form that I can report that the money wasn't just taken out but was transferred to a new institution - or does the IRS just know this?  None of the institutions had any type of form like this in their "Tax" statements.

[RayW7]

Yes, normally you will receive a 1099-R with an amount in  box 1 for Gross distribution and box 2a Taxable amount as 00.00.

The rollover transaction isn't taxable, unless the rollover is to a Roth IRA, but the IRS requires that account owners report this on their federal tax return. In IRA-to-IRA transfers, the trustee from one plan sends the rollover amount to the trustee from the other plan.

follow this link for more information-

Do I Need to Report the Transfer or Rollover of an IRA or ...

[VolvoGirl]

How did you do the rollovers?  Was it a direct transfer or did you get a check?  Did they take any withholding out?  I can't tell if you got a 1099R or not.  If you did what is the code in box 7?

If you got a 1099R it should show up on 1040 line 4a and 0 on 4b with the word ROLLOVER by it.  You might eventually get a form 5498 from the receiving account to show they got it but that is not entered on your return.  

[dmertz · Accepted solution]

A trustee-to-trustee transfer of an IRA where the funds are never made payable to you and they never come under your control is neither a distribution nor a rollover and is not reportable.  Moved this way, you should not receive any Form 1099-R reporting a distribution or any Form 5498 reporting receipt of a rollover.  The IRS doesn't care anything about a trustee-to-trustee transfer.

[Mark154]

Thank You very much!  I appreciate your help.

[Mark154]

Thank you very much!  I appreciate your help.

[AdaPra2]

How do I report a direct IRA rollover from one institution to another. I have the full amount reported on Form 5498 from original institution but see no way to report this on 1040.

[VolvoGirl]

Did you get a 1099R from the first IRA?  You might not need to repot a direct rollover.  You don't need to enter the 5498, that is only for your info.   You only enter the 1099R.  If you got one it should have Code G in box 7 for direct rollover.  That is all you need to enter.