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Tax Reporting: Form 1099-R Reporting IRA Rollovers

A rollover occurs when money is distributed from one tax-deferred account and deposited within 60 days to another tax deferred account. There are two types of IRA rollovers: 1) a direct rollover, which occurs when funds are transferred directly from one account to another account by the account custodians/trustees, and 2) a distribution, which is made directly to you and within 60 days you deposit the full amount (including any taxes withheld) into a new IRA or other tax deferred account. The custodian/trustee distributing the funds will issue you a 1099-R reporting the payment/transfer of funds. The code in Box 7 indicates what type of payment was made. The custodian/ trustee receiving the IRA funds will issue a Form 5498 in May reporting the contribution to the receiving IRA account which reports to the IRS that you deposited the money into another IRA.

 

 

 

Circular 230 Notice:

Important: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

 

Please Note:  

No Tax Advice Offered:  

Neither Place Trade Financial, Inc., its employees or any associated independent contractors/independent representatives offer tax advice of any form. The information on this website is for discussion and information purposes only. Nothing contained herein should be considered as an offer to buy or sell any security, securities product or service. Nothing herein or any other written or verbal correspondence should be considered as tax advice. 

Place Trade Financial, Inc. does not provide tax advice to full service or online trading clients/accounts, online institutional clients/accounts or any other individual or account at any time.  Please speak with your own personal tax advisor, CPA and/or tax attorney prior to making tax related decisions.

 

 

Tax FAQs

Please Note:

In compliance with Treasury Department Circular 230, unless stated to the contrary, any information contained in these FAQs were not intended or written to be used and cannot be used for the purpose of avoiding tax penalties that may be imposed on any taxpayer.

IRS Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

Tax Information and Reporting ~ US Person or Entity ~ Initial Data & Data Collection

  

 

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