Consultant

[Consultant]

Client withdrew $50,000.00 from IRA.Trustee to Trustee Transfer. No 1099-R Issued.
Does he report the $50,000.00 on the one line and -0- taxable on the other?
Or no reporting at all?

[BOB W]

I find it hard to believe that no 1099R was issued. If it was issued you would enter gross amount and then code it as G (rollover). Just leaving the taxable amount blank without the G code doesn't sound good enough. Client should contact Company and get the 1099R. It will be YOUR only proof of the transaction and the way YOU are reporting it.

[Gene V]

Client withdrew $50,000.00 from IRA.Trustee to Trustee Transfer. No 1099-R Issued.
Does he report the $50,000.00 on the one line and -0- taxable on the other?
Or no reporting at all?

A transfer of funds in your traditional IRA from one trustee directly to another, either at your request or at the trustee's request, is not considered a rollover. Because there is no distribution to you, the transfer is tax free. ... Trustee-to-trustee transfers are not required to be reported on Form 1099-R.

You can read instruction 1099-R page 6

[BOB W]

A transfer of funds in your traditional IRA from one trustee directly to another, either at your request or at the trustee's request, is not considered a rollover. Because there is no distribution to you, the transfer is tax free. ... Trustee-to-trustee transfers are not required to be reported on Form 1099-R.

You can read instruction 1099-R page 6

You are probably correct but I have never NOT received a 1099R with G code.. This "Not Required" is news to me and most institutions?

[Rapid Robert]

No 1099-R Issued.

Unless you've checked the IRS transcript, all you know is that taxpayer says they did not receive it. It still may have been issued.

To continue the post from Gene V above, below is from the 1099-R instructions. So yes, it appears IRA-to-IRA rollovers do not need to be reported.

"Use Code G for a direct rollover from a qualified plan, a section 403(b) plan, or a governmental section 457(b) plan to an eligible retirement plan (another qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA). See Direct Rollovers, earlier. Also use Code G for a direct payment from an IRA to an accepting employer plan, and for IRRs that are direct rollovers.Note. Do not use Code G for a direct rollover from a designated Roth account to a Roth IRA. Use Code H."

[TAXNJ]

A transfer of funds in your traditional IRA from one trustee directly to another, either at your request or at the trustee's request, is not considered a rollover. Because there is no distribution to you, the transfer is tax free. ... Trustee-to-trustee transfers are not required to be reported on Form 1099-R.

You can read instruction 1099-R page 6

Gene V, as usual to the point with a reference.

You are probably correct but I have never NOT received a 1099R with G code.. This "Not Required" is news to me and most institutions?

BOB W, as Gene V states “instruction 1099-R page 6” top of 1st paragraph.

[BOB W]

I know, I work off the top of my head. That's why NYEA, RR and Gene are around, to pounce on me... I love it....

[Rapid Robert]

Thread title, "Consultant"?

[BOB W]

OK... He's a management consultant. What wrong with that?

[Gene V]

I first read this in TTB page 13-21 top right column---I read this many years ago--I see it is still there.

[Rapid Robert]

OK... He's a management consultant. What wrong with that?

Nothing. But does the subject of this thread have anything to do with "Consultant" as a tax topic? (It would appear to be about IRAs). Are you going to start putting "Bob W" as the subject of new discussion threads you start, regardless of the actual subject? We already know who started the thread without repeating their name in the subject.

Consultant Started by Consultant, Yesterday, 01:38 PM

[BOB W]

Good catch... That's you're needed here, to keep us slow tinkers on the ball......

[Dude]

For a roth conversion I just got a 1099R with a G code. IRA went from this account to a rollover account BUT they listed the Roth account as the destination. So I guess I can see why they put a G code. The new company Fidelity I believe should have then issued a 1099R with a 2 code. I called them but after some back and forth and lots of hold time they told me just to put in a 2 instead of a G.