IRA Rollover

I took a MRD from my IRA account at Bank of Texas for 2022 then I rolled the entire remaining balance into an IRA account at Vanguard. I received a 1099R from Bank of Texas for the MRD but no 1099R or any documentation of the rollover. Shouldn't Bank of Texas send some document to me and the IRS? Thank you.

148

Expert Alumni

Feb 20, 2023 8:46:10 PM

Yes, you should have received a 1099-R showing the rollover of the IRA. The 1099-R should have had a code G in Box 7, indicating a direct rollover, which TurboTax automatically recognizes as a tax free transaction. You should contact Bank of Texas about obtaining a copy of your Form 1099-R for the rollover, and include it on your tax return.

Level 15

Feb 20, 2023 10:34:26 PM

if you just report the RMD and not the rollover you should be ok because the rollover is not taxable.

@rockwalled1

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IRA Rollover