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Level 1
posted Feb 27, 2025 9:56:22 PM

1099-R Needed for direct rollover?

I closed a traditional IRA and a Roth IRA at Wells Fargo in 2024, with direct rollover of funds to the same types of accounts at another institution. Wells Fargo refuses to give me 1099-R forms for the distributions.  Should I create substitute 1099-R forms in Turbo Tax or ignore the distributions on my 2024 1040?

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1 Best answer
Level 15
Feb 27, 2025 11:04:57 PM

If you have moved assets directly from one of your IRAs to another IRA, this is considered a direct transfer. Direct transfers are not reported—either to you or to the IRS—and you do not have to account for them on your annual tax return.

1 Replies
Level 15
Feb 27, 2025 11:04:57 PM

If you have moved assets directly from one of your IRAs to another IRA, this is considered a direct transfer. Direct transfers are not reported—either to you or to the IRS—and you do not have to account for them on your annual tax return.