topic Re: IRA rollover in Retirement tax questions

IRA rollover

kdnofsinger — Wed, 28 Apr 2021 17:50:57 GMT

Hi! We rolled over an IRA from a bank to Fidelity. We rolled over the entire amount, and there were no extenuating circumstances. The bank insisted on giving us a check for the rollover distribution; we deposited the check into Fidelity within the 60 day window. The 1099-R from the bank lists this as a "normal distribution" in box 7 (the first code). This wasn't a direct rollover since we carried the check from one institution to another. However, I can't figure out what the second code in box 7 should be. How do you code for a rollover from one institution to an other when you received a check? Can anyone help? Thank you!

Re: IRA rollover

macuser_22 — Wed, 28 Apr 2021 18:00:23 GMT

There is no second code for that.

Just enter the 1099-R and say you "moved" the money to another account and then rolled over the entire amount.

Re: IRA rollover

VolvoGirl — Wed, 28 Apr 2021 18:00:36 GMT

You only enter the second code if you have one. Otherwise leave it blank. After you enter the 1099R it will ask what you did with it. Say you moved it to another account. Just keep going. Did the bank take any tax withholding out of the check?