topic IRA transfers in Retirement tax questions

IRA transfers

george-brackett — Mon, 27 Jan 2025 20:39:29 GMT

Should I receive a 1099-r for a transfer from one IRA custodian to another IRA custodian?

Re: IRA transfers

MinhT1 — Mon, 27 Jan 2025 21:06:14 GMT

Yes, this is a trustee-to-trustee rollover, which is not taxable. But you will receive a form 1099-R from the first custodian.

You'll enter that form in TurboTax and follow through with the TurboTax interview to indicate that this is a rollover to another IRA.

Re: IRA transfers

dmertz — Tue, 28 Jan 2025 06:17:17 GMT

A properly done trustee-to-trustee transfer is neither a distribution nor a rollover is therefore not reportable. There should be no Form 1099-R reporting it a distribution and no entry on a Form 5498 reporting it as a a rollover, nothing to enter into TurboTax.