Roth TOA coded as Rollover
Hi: A Roth TOA form was sent to the firm holding account, which was processed as a rollover to another IRA instead of IRA to IRA TOA. It crossed plan years and a 1099r was received, but a new corrected 1099r was never generated. Must the originating firm send a new 1099r on request? Thanks in advance!
Permalink Submitted by Alan - IRA critic on Wed, 2015-06-03 18:20
Not sure what TOA stands for, but if a direct trustee transfer from one Roth account to another was processed, there should have been no 1099 issued. A 1099R reports distributions, and the taxpayer is only allowed one rollover for all their IRA account combined, therefore even if the taxpayer is allowed to report a rollover on line 15 of Form 1040, this will have unnecessarily exhausted the option of doing another rollover for 12 months. The solution is to have the 1099R rescinded.