1099S for IRA rollover to Broker vs Broker to Broker

I made a rollover from an 401K to an IRA at a brokerage house this year and received a 1099 from the 401K custodian. I also made several transfers of existing IRA accounts to two brokerages. I have not received 1099's in those cases. Are broker to broker transfers handled differently? Does IRS get notified on the IRA transfers?

Reply to
RFI-EMI-GUY
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My experience with trustee to trustee transfers over the last 15 years is that there is no consistent policy. If you get a 1099 on a trustee to trustee transfer include the amount on line 15a but exclude it from line 15b and write the word rollover.

Reply to
Avrum Lapin

I agree. the only way to avoid triggering a 1099 on an IRA rollover is through "custodial transfer". The banks usually charge a fee for it in this area around 20 bucks.

Reply to
steve-o

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