Do I need a 1099-R with rollover code “G” to file my taxes if I directly transferred a traditional IRA from one custodian to a new custodian?

by Paul K. Rudoy, CPA, PFS | Feb 22, 2019

In 2018, I transferred a traditional IRA account from one custodian to a new custodian. Funds were moved between the two custodians directly, and no funds were disbursed to me. My tax accountant is telling me I need a 1099-R (code G) in order to file my taxes. Representatives of the original custodian are telling me no 1099-R is issued when the transfer is direct to another custodian. Which is the correct answer? 

A 1099-R should be issued with the “G” rollover code. If none was issued, I would still indicate the amount of the rollover on your return with “0” being taxable.

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Answered by: Paul K. Rudoy, CPA, PFS, is managing partner of H2R CPA in Pittsburgh.

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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