1099 needed for moving a Roth?
I had a Roth IRA with one company, liquidated it into cash & moved it trustee to trustee to another company. I know there is nothing taxable in this transaction, but should I have received a 1099 documenting the non-taxable transfer? Thanks.
Permalink Submitted by Alan - IRA critic on Mon, 2024-02-19 22:12
If the distribution was a check made out to you personally, it’s not a direct trustee transfer. A 1099R will be issued reporting the distribution, and a 5498 will be issued by the receiving custodian showing a rollover contribution. You can only do one such rollover in a 12 month period, and you will have to report the distribution and rollover on lines 4a and 4b of Form 1040. An actual direct transfer is not reported by the custodian or by you on your return, and you can do unlimited such tranfers.