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Level 2
posted Mar 11, 2022 3:47:05 PM

roth-ira

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 Note: I have not withdrawn any money from this account,

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1 Best answer
Employee Tax Expert
Mar 11, 2022 5:01:09 PM

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).

3 Replies
Employee Tax Expert
Mar 11, 2022 3:58:50 PM

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.

Level 2
Mar 11, 2022 4:13:49 PM

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.

 

Employee Tax Expert
Mar 11, 2022 5:01:09 PM

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).