Do I need any tax forms showing the transfer of my IRA from one investment company to another?

Do I need any tax forms showing the transfer of my IRA from one investment company to another?

by Elizabeth W. Kidd, CPA | Feb 01, 2018

I retired in 2014 and rolled over my 401(k) to an IRA. At the time, I received a 1099 from my 401(k) and a 5498 from the IRA investment company. In 2017, I transferred my IRA to a different investment company. I never took a distribution, only a transfer from one company to another. Do I need any tax forms from either company showing the transfer?

Generally, a trustee-to-trustee transfer of a traditional IRA does not result in the issuance of a 1099 and need not be reported on your tax return. It also does not require the receiving company to issue a Form 5498.

A direct transfer requires that none of the assets be delivered to the taxpayer.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Elizabeth W. Kidd, CPA, is a retired accounting instructor in Erie, Pa.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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