Level 2

One 1099-R shows IRA amount is cashed (box 7) but actual amount is fully transferred/deposited to other IRA account

Forum|Forum|5 years ago
April 30, 2021
2 replies
3 views

Hi, I took full amount withdraw from a Rollover IRA account (says Bank-A) and request check to payee of other Rollover IRA account (says Bank-B FBO IRA). I thought this is a simple IRA transfer but Bank-A issues 2020 1099-R with full taxable amount in BOX 2a, check "total distribution" in BOX 2b and enter 7 in BOX-7. On Bank-B's IRA account, it has already received check and deposited it within a week to linked IRA. Bank-B also issues exact/correct amount received on 2020 5498 form. How should I report this transition on 2020's Tax? Please advise.

Thanks

This topic has been closed for replies.

sjrcpa

Level 15

As a rollover.

The more I know the more I don’t know.

W

wc6386Author

Level 2

Understand it is rollover but how can I enter this 1099-R into my 1040? Thanks

sjrcpa

Level 15

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

The more I know the more I don’t know.