topic Retirement accounts in Retirement tax questions

Retirement accounts

Kelvingw — Thu, 30 Jan 2020 00:19:52 GMT

If I moved $ from one retirement account to another in a different financial institution, do I need to reveal in turbo tax . . . . . and how? Help!

Re: Retirement accounts

DavidD66 — Thu, 30 Jan 2020 00:37:51 GMT

Yes, you will need to report it on your tax return, even if it was a trustee to trustee transfer. A trustee-to-trustee transfer of an IRA is a tax-free transaction. Although these type of transfers are not subject to tax withholding, they will be reported to you on Form 1099-R The total amount of the transfer will be in box 1. Box 2a - the taxable should be zero.

Re: Retirement accounts

dmertz — Thu, 30 Jan 2020 02:33:11 GMT

A direct rollover to or from a qualified retirement plan is reported on a code G Form 1099-R which is reportable on your tax return, but a trustee-to-trustee transfer from one IRA to another of the same type (traditional or Roth) where the funds are never paid to you personally is not reportable. For a trustee-to-trustee transfer of an IRA the original custodian is not to report it on any Form 1099-R and the receiving custodian is not to report receipt of the transfer in any way on Form 5498 because it is neither a distribution nor a rollover.

So whether or not the movement of your particular account is reportable depends on the type of the original and receiving accounts and how the funds were moved.