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shirleycooper12
New Member

Is there a deduction when you move one IRA to another IRA in a different financial institution?

 
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dmertz
Level 15

Is there a deduction when you move one IRA to another IRA in a different financial institution?

No.  Moving an IRA by trustee-to-trustee transfer or by distribution and rollover is not a new contribution.  Only new regular contributions are potentially eligible for a deduction.

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dmertz
Level 15

Is there a deduction when you move one IRA to another IRA in a different financial institution?

No.  Moving an IRA by trustee-to-trustee transfer or by distribution and rollover is not a new contribution.  Only new regular contributions are potentially eligible for a deduction.

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