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IRA distribution 60 days rule
Old 10-22-2015, 05:34 PM   #1
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IRA distribution 60 days rule

I have a small amount (~50$) left over in my brokerage IRA #1.
I want to move it to my brokerage IRA #2.

What if do an electronic transfer into my personal account or request a check mailed and then buy funds in my brokerage IRA #2.

My question is:

brokerage IRA #1 will report this as taxable distribution

what will I have to reported on my 2015 taxes to proof that it was a qualified rollover?

Thx
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Old 10-22-2015, 06:21 PM   #2
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Why not just request #1 to do a custodian-to-custodian transfer to #2?

That way you don't even have to think about it.
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Old 10-22-2015, 06:48 PM   #3
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Quote:
Originally Posted by braumeister View Post
Why not just request #1 to do a custodian-to-custodian transfer to #2?

That way you don't even have to think about it.
Absolutely the way the go if you really want to just move the money. I've done it many times. Almost painless.
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Old 10-22-2015, 06:54 PM   #4
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braumeister is correct. It would be a shame to waste your once/365 day rollover on that small transaction (note NOT once/calendar yr) IRA Owners: Heed New 60-Day Rollover Rule-Kiplinger

However if you know you won't violate the rule in the future and your broker #1 is going to charge you $30 to do a direct transfer and you decide to do the indirect rollover: you would put the rollover amount reported on your 1099R tax document on line 15a of the 1040; 0 as the taxable amount on line 15b and a note "rollover" on that line.
You would also want to keep your supporting brokerage statements to prove that you met the 60 day window from distribution to reinvestment.
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Old 10-22-2015, 10:27 PM   #5
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exactly, they would charge my $50 for direct rollover, so have to go with indirect

thanks all!
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