topic IRA 60 day rollover in Retirement tax questions

IRA 60 day rollover

Charlie1948 — Sat, 08 Feb 2025 01:12:49 GMT

My one bank closed out my regular IRA sent me a check withholding 10% for taxes in 2024. The following week I opened another IRA at another bank. I deposited the check plus the 10% withheld. I will get a 1099 from the first bank showing the total amount and the 10% withheld. I also made a RMD from another bank for 2024. How do I show all of these transactions on my 8606 form. Also will I get a 1099 from the bank the money was rolled over to saying it was a rollover. I know now it would have been simpler to do a direct transfer, live and learn

Re: IRA 60 day rollover

dmertz — Sat, 08 Feb 2025 03:09:17 GMT

Nothing amount the rollover is reportable on Form 8606.

Form 8606 is involved only if you have basis in nondeductible traditional IRA contributions. If so, the taxable amount of the RMD will be calculated on Part I.

"will I get a 1099 from the bank the money was rolled over to saying it was a rollover."

No. You'll eventually receive a Form 5498 showing receipt of a rollover.

Enter each Form 1099-R you receive and indicate w)hat you did with that particular distribution (i.e., the distribution was rolled over or the distribution satisfied your RMD).