roth-ira

[psu]

If I move my entire roth-ira amount from one bank to another bank roth-ira account, do I need to report this to IRS? Note: I have not withdrawn any money from this account,

[BillM223]

If you did a trustee-to-trustee of a Roth IRA, I doubt that the trustees will even send you a tax form, since this is not a taxable event. So in that sense, you don't report it to the IRS.

But if you did get a 1099-R form, come back and tell us.

[psu]

I had my Roth-ira account in Wells Fargo and I closed my account at Wells-Fargo and asked them to send it to my Roth-ira account in Fidelity.Wells Fargo sent me a cheque for the entire amount to be deposited to Fidelity Roth-IRA which I did. I received a Form 5498 from Fidelity and 1099-R from Wells Fargo.

[ThomasM125 · Accepted solution]

You need to report the form 1099-R in TurboTax. You will be asked what you did with the distribution, to which you will respond that you rolled it over to another retirement account.

You enter the form 1099-R in the Federal section of TurboTax, then Income and Expenses, then Retirement Plans and Social Security, then IRA, 401(k), Pension Plan Withdrawals (1099-R).