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geunbug
New Member

When you rollover a traditional ira to a 403b is a 1099r required to be issued? I did this and I never received a 1099r.

I'm asking if my bank trustee should have issued me a 1099r when I rolled over my traditional IRA to a 403B?

4 Replies
dmertz
Level 15

When you rollover a traditional ira to a 403b is a 1099r required to be issued? I did this and I never received a 1099r.

Yes, the IRA custodian is required to have issued a Form 1099-R for a rollover from a traditional IRA to a 403(b).  If the rollover was a direct rollover paid from the IRA directly to the 403(b) for your benefit, the Form 1099-R must have the gross amount in box 1, a zero in box 2a, code G in box 7 and the IRA/SEP/SIMPLE box marked.  If the distribution was paid to you an you indirectly rolled the IRA distribution over to the 403(b), the Form 1099-R would have the gross amount in boxes 1 and 2a, box 2b Taxable amount not determined marked, code 1 or code 7 in box 7 and the IRA/SEP/SIMPLE box marked.

Only a trustee-to-trustee transfer from one traditional IRA to another traditional IRA or from a Roth IRA to another Roth IRA is nonreportable.  Bank local branch employees seem to mess this up all the time, not understanding what constitutes a nonreportable trustee-to-trustee transfer of an IRA and what constitutes a rollover.

geunbug
New Member

When you rollover a traditional ira to a 403b is a 1099r required to be issued? I did this and I never received a 1099r.

But, what constitutes a "trustee"? How do they define this word?
geunbug
New Member

When you rollover a traditional ira to a 403b is a 1099r required to be issued? I did this and I never received a 1099r.

Also, this happened in 2014. Do I amend a return for this? Thank you very much for answering.
dmertz
Level 15

When you rollover a traditional ira to a 403b is a 1099r required to be issued? I did this and I never received a 1099r.

The trustee/custodian of an IRA is the entity that holds the IRA.  A 403(b) is not an IRA, so the movement of funds from an IRA to the 403(b) is not a trustee-to-trustee transfer of one IRA to another.  Any movement of funds from an IRA to a 403(k) *must* be reported on a Form 1099-R.

If the bank refuses to provide you with the 2014 Form 1099-R that was required to report the rollover from the IRA to the 403(b) and the IRS questions the rollover, you'll need to provide explanation to the IRS.  The amount distributed from the traditional IRA and rolled over to 403(b) should have been included on your 2014 Form 1040 line 15a or Form 1040A line 11a but excluded from line 15b or 11b and the word ROLLOVER should have been present on the line.  Since it would have been excluded from line 15b or 11b, there is no tax liability for the rollover and so there is probably no need to amend your 2014 tax return as long as you can provide explanation if the IRS ever questions the rollover.

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