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Are rollovers between IRAs reported to the IRS?

April 26, 2017IRAs IRS reported rollovers

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Are rollovers between IRAs reported to the IRS?

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Yes. The financial organization that distributes IRA assets to an IRA holder for rollover purposes must report the distribution to the IRS on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. (regardless of whether the distribution actually is rolled over). The financial organization that receives a rollover contribution must report the rollover contribution to the IRS on Form 5498, IRA Contribution Information . In addition, IRA holders who conduct a tax-free rollover between IRAs must report the transaction as a nontaxable IRA distribution on their federal tax return.