topic Taxability for Traditional IRA amount transferred from one bank to another bank's Traditional IRA account in Retirement tax questions

Taxability for Traditional IRA amount transferred from one bank to another bank's Traditional IRA account

taxmen2021 — Mon, 22 Dec 2025 20:23:00 GMT

Hi, If I transferred rom bank "A" to bank " B" all the funds from my traditional IRA at bank " A" to a traditional IRA at bank " B", should I reflect somehow on my tax return? The bank " B" said because it was a Direct transfer between a banks, I do not need to record on my taxes. Is it correct? Also I just confirmed with bank " A" that it was a Direct transfer and they will not issue any tax forms to me for 2025.

Thank you.

Re: Taxability for Traditional IRA amount transferred from one bank to another bank's Traditional IRA account

DoninGA — Mon, 22 Dec 2025 20:47:14 GMT

Direct transfers of an IRA account from one bank to another bank are not reported on a tax return. It is referring to a trustee-to-trustee transfer.

Re: Taxability for Traditional IRA amount transferred from one bank to another bank's Traditional IRA account

taxmen2021 — Mon, 22 Dec 2025 21:24:02 GMT

Thank you very much. That what I have been told by the bank

Re: Taxability for Traditional IRA amount transferred from one bank to another bank's Traditional IRA account

VolvoGirl — Mon, 22 Dec 2025 22:17:55 GMT

But sometimes the bank will give you a 1099R for a direct transfer. It will have a Code G on it to indicate a non taxable direct transfer. If you get a 1099R you have to enter it. It will show up on your 1040 with $0 taxable and the word ROLLOVER written by it.

Re: Taxability for Traditional IRA amount transferred from one bank to another bank's Traditional IRA account

dmertz — Mon, 22 Dec 2025 22:40:11 GMT

A trustee-to-trustee transfer of an IRA is never reportable on a Form 1099-R. If the originating IRA custodian reports such a transfer on Form 1099-R, it has done so in error and the Form 1099-R would need to be corrected to show that no distribution actually occurred.

A code-G Form 1099-R with the IRA/SEP/SIMPLE box marked for an actual distribution from a traditional IRA is only used to report a direct rollover to an employer plan like a 401(k). Code G is never to be used for moving one IRA to another IRA.