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Direct Rollover...no tax forms?

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keniz138

Member
What is the name of your state?
Rhode Island

Back in 2001, I had worked for a large financial services company and had a 401k. Up until this year, I had left the money where it was. In May, they informed me that I needed to get the money out of their plan.

In June/July, I did a direct rollover of these funds into a traditional IRA account. Now, at tax time, I have been waiting for all of my forms to come in. I have received a form from the disbursing institution showing a 100% disbursement of my funds. However, I had NOT received anything from the receiving institution indicating that the money never came to me, but was in fact a direct rollover.

I called the receiving institution, and they said that for IRAs, they do not generate any tax forms until May of the following year (2005).

Questions:
1) Is this information correct?
2) How should I prove on my 1040 that the funds never came to me but instead went as a direct rollover? Is a client statement showing "IRA Rollover dated 6/23/04" suficient? If not, then what?
3) How do I report this on my 1040? I assume I would just make a note of the distribution in the appropriate category and then show $0.00 taxable....correct?
 


Snipes5

Senior Member
You should have received a form 1099R, showing the direct rollover, from the distributing institution. The financial institution has until 15 Feb to mail you this form.

If you didn't receive the form, contact the accounting department of the financial institution; they should be able to help you.

In the meantime, don't do your taxes until they send you that form, and don't just put it on your taxes without having the form, that usually doesn't work out well.

You will not receive a form 1099 from the receiving institution. The form from the distributing institution will have all the information you need.

Snipes
 
Last edited:

abezon

Senior Member
The direct rollover is indicated by the distribution code in box 7. Your computer program should automatically report the rollover properly if you input the correct code.
 

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