wc6386
Level 2
04-29-2021
08:44 PM
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Hi, I took full amount withdraw from a Rollover IRA account (says Bank-A) and request check to payee of other Rollover IRA account (says Bank-B FBO IRA). I thought this is a simple IRA transfer but Bank-A issues 2020 1099-R with full taxable amount in BOX 2a, check "total distribution" in BOX 2b and enter 7 in BOX-7. On Bank-B's IRA account, it has already received check and deposited it within a week to linked IRA. Bank-B also issues exact/correct amount received on 2020 5498 form. How should I report this transition on 2020's Tax? Please advise.
Thanks