IRA Transfer
If individual moves TIRA from one custodian to another via trustee to trustee transfer, will the transferring custodian issue 1099?
If individual moves TIRA from one custodian to another via trustee to trustee transfer, will the transferring custodian issue 1099?
Permalink Submitted by Alan - IRA critic on Thu, 2020-03-26 16:47
No. If a 1099R is issued the IRS will look at this as a reportable distribution, so the distribution and rollover will have to be reported. Due to the one rollover rule, if a 1099R is issued in error, the custodian should be asked to correct the error ASAP. The IRS matches 1099R forms with 5498 forms reporting rollover contributions, therefore getting one without the other causes a mismatch.