Archive for June, 2007
Ira Rollover From 401k Tax Form
June 24th, 2007
Question: IRA to IRA rollover – I did not recieve 1099R, is it ok?
Hello,
I moved IRA at my credit union to IRA at a broker last year. (Direct rollover) I have not receive 1099R from my credit union. Does it mean I do not have to record this on my tax form? When I moved 401K to IRA, I received 1099R and recorded on tax form so I wanted to make sure. My guess is they don’t have to issue 1099R and there is no need to record when IRA to IRA rollover? Please let me know. Thank you!
401K to IRA rollover was total distribution rollover. (No tax imposed)
Answer: A direct rollover from a 401k to an IRA or from an IRA to another IRA does not have to be reported to the IRS. If the trustee has a policy of reporting all distributions they will use the code for a direct roll-over-in box 7 of the 1099R.
If you are uncomfortable with not reporting you can show the amount of the rollover on line 16a of your return and put “none” on line 16b.
Retirement Plans & Investments : How to Roll Over a Traditional IRA to a Roth IRA
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