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Old 02-20-2010, 02:39 AM
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Rollover IRA transfer; reporting on tax forms


I read the tax docs (tax topic 413, pub 590, 1040 instructions). This might seem like an ignorant question, but I would like to confirm my understanding of transferring a rollover distribution to another institution and how to indicate it on my tax forms.

Last year, one of my Roth IRA CDs matured, and I checked with both this 1st bank and a 2nd bank (where I was planning to move the Roth IRA) for the correct way to transfer the money from the 1st to 2nd bank within the 60 day period so I wouldn't get taxed or penalized for the IRA distribution. I followed their instructions of closing out the account in the 1st bank and driving the check over to the 2nd bank to rollover the Roth IRA into a CD account (and yes, the account was opened as a Roth IRA rollover contribution).

I just recently received the Form 1099-R from the 1st bank. The 2 boxes that have values in them are box 1 (gross distribution) and box 7 (distribution code: Early distribution from a Roth IRA, no exceptions). All other boxes are blank.

This is what I plan to do -- on the 1040 tax form, I'll write the total from 1099-R/box 1 in 15a, but write in "0" on line 15b (since I rolled over 100% of the IRA to the 2nd bank), and NOT send in Form 1099-R (since there was nothing in box 4 - federal income tax withheld).

Is this the correct action to take regarding how to report it on the tax forms and that I do NOT have to send in 1099-R because the full amount was rolled over in the 60 day period?

Thanks for your feedback in advance.

Kind Regards,

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