topic Re: IRA ROLLOVER between institutions in Retirement tax questions

IRA ROLLOVER between institutions

Mark154 — Mon, 01 Mar 2021 22:27:47 GMT

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.

Re: IRA ROLLOVER between institutions

RayW7 — Mon, 01 Mar 2021 22:55:56 GMT

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 ...

Re: IRA ROLLOVER between institutions

VolvoGirl — Mon, 01 Mar 2021 23:04:00 GMT

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.

Re: IRA ROLLOVER between institutions

dmertz — Tue, 02 Mar 2021 00:54:15 GMT

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.

Re: IRA ROLLOVER between institutions

Mark154 — Thu, 04 Mar 2021 16:17:47 GMT

Thank You very much! I appreciate your help.

Re: IRA ROLLOVER between institutions

Mark154 — Thu, 04 Mar 2021 16:19:41 GMT

Thank you very much! I appreciate your help.

Re: IRA ROLLOVER between institutions

AdaPra2 — Fri, 07 May 2021 19:10:34 GMT

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.

Re: IRA ROLLOVER between institutions

VolvoGirl — Fri, 07 May 2021 19:12:59 GMT

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.