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?

Feb 22, 2019
askacpaicon

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.

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

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

Pennsylvania CPA Journal

Read the latest from the Pennsylvania CPA Journal online or via the mobile app and digital edition.

Read More

CPA Now

Get the latest info on professional trends, management, and leadership skills on CPA Now.

Read More

PICPA 2020 Premier Sponsors

Platinum Sponsor

Gallagher Bollinger Logo
CPACharge


Gold Sponsor

Paychex logo


Bronze Sponsor

payroc-logo-hi-res
Capstan Logo

Interested in becoming a sponsor? Contact Kelli Comegys for packages and opportunities.