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#1
02-22-2009, 03:19 AM
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 Re: 1099S for IRA rollover to Broker vs Broker to Broker On Feb 21, 6:36*pm, Avrum Lapin <avrum...[at]verizon.net> wrote: - quote - > In article <499f9441$0$17046$9a6e1...[at]unlimited.newshosting.com> ,
I agree. the only way to avoid triggering a 1099 on an IRA rollover> *RFI-EMI-GUY <Rhyol...[at]NETTALLY.COM> wrote: > > I made a rollover from an 401K to an IRA at a brokerage house this year > > and received a 1099 from the 401K custodian. I also made several > > transfers of existing IRA accounts to two brokerages. I have not > > received 1099's in those cases. Are broker to broker transfers handled > > differently? Does IRS get notified on the IRA transfers? > > -- > > Joe Leikhim K4SAT > > "The RFI-EMI-GUY"© > > "Use only Genuine Interocitor Parts" Tom Servo *;-P > My experience with trustee to trustee transfers over the last 15 years > is that there is no consistent policy. *If you get a 1099 on a trustee > to trustee transfer include the amount on line 15a but exclude it from > line 15b and write the word rollover. is through "custodial transfer". The banks usually charge a fee for it in this area around 20 bucks. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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02-21-2009, 10:36 PM
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| Re: 1099S for IRA rollover to Broker vs Broker to Broker In article <499f9441$0$17046$9a6e19ea[at]unlimited.newshosting.com> , RFI-EMI-GUY <Rhyolite[at]NETTALLY.COM> wrote: - quote - > I made a rollover from an 401K to an IRA at a brokerage house this year
My experience with trustee to trustee transfers over the last 15 years> and received a 1099 from the 401K custodian. I also made several > transfers of existing IRA accounts to two brokerages. I have not > received 1099's in those cases. Are broker to broker transfers handled > differently? Does IRS get notified on the IRA transfers? > -- > Joe Leikhim K4SAT > "The RFI-EMI-GUY"© > "Use only Genuine Interocitor Parts" Tom Servo ;-P is that there is no consistent policy. If you get a 1099 on a trustee to trustee transfer include the amount on line 15a but exclude it from line 15b and write the word rollover. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
02-21-2009, 06:50 PM
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| 1099S for IRA rollover to Broker vs Broker to Broker I made a rollover from an 401K to an IRA at a brokerage house this year and received a 1099 from the 401K custodian. I also made several transfers of existing IRA accounts to two brokerages. I have not received 1099's in those cases. Are broker to broker transfers handled differently? Does IRS get notified on the IRA transfers? -- Joe Leikhim K4SAT "The RFI-EMI-GUY"© "Use only Genuine Interocitor Parts" Tom Servo ;-P -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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