Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Looking for guidance on a possible 1099 issue
Old 02-04-2018, 12:44 PM   #1
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
Looking for guidance on a possible 1099 issue

I have a tax advantaged IRA with Vanguard and also opened up a SOLO 401K with them three or four years ago. In 2017, I closed the SOLO 401K account and transferred (rolled) the tax sheltered funds into my Vanguard IRA. This was a direct transfer using Vanguard's forms.

I have not received a 1099 or any other paperwork from Vanguard indicating this "rollover" needs to be reported on my 2017 Federal Tax Return. I understand that under the IRS rules, "rollovers" are to be reported and only one per year is allowed.

The questions I have are as follows:

!. Should VG have iussued me a 1099 for this rollover (internal transfer of sorts?)?

2. If no to the above, should I still report the event?

Thanks!
__________________
*********Go Astros!*********
aja8888 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-04-2018, 01:48 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 10,252
There is no limit to custodian-to-custodian rollovers where you do not get a check made out to you personally.

And you can still get a check, but made out to "Your IRA, FBO You" or something like that which also does not count towards the once-per-year limit.

Anyways, I don't know the answers to your questions, but I will opine that the Vanguard 401(k) folks are probably just slow and you will get a 1099-R at some point. I could easily be wrong about that.
LOL! is offline   Reply With Quote
Old 02-04-2018, 01:50 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 10,337
Why don't you ask VG about the 1099?
OldShooter is offline   Reply With Quote
Old 02-04-2018, 01:51 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: No. California
Posts: 1,858
If your IRA is in the Vanguard brokerage system (vs the Mutual fund system), they have not yet generated the 1099s for that system. They are expected by mid February according to the website.
KB is online now   Reply With Quote
Old 02-04-2018, 02:08 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 4,172
1) yes, I believe you should get a1099R and that it is reportable (not taxable) https://www.biggerpockets.com/blogs/...01k-to-ira-llc

btw your limit on rollovers refer to TIRA to TIRA or Roth to Roth
(IRA to IRA) https://www.irs.gov/retirement-plans...-per-year-rule
kaneohe is offline   Reply With Quote
Old 02-04-2018, 02:12 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 3,674
Yes, I believe you should get a 1099R with code G in box 7 and Total Distribution checked. 1099Rs were due to be mailed by 1/31, so you should check your online portal and see if there's an electronic version there. If not, call Vanguard and ask them.
cathy63 is online now   Reply With Quote
Old 02-04-2018, 02:14 PM   #7
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
Quote:
Originally Posted by OldShooter View Post
Why don't you ask VG about the 1099?
I did. No answer to my e-mail and no call back from my voice mail message. Hey, it took three weeks, several phone conversations and e-mails to get them to figure out why I could not change my e-mail address on their website when logged into my account. Have a *special* number for me to call?
__________________
*********Go Astros!*********
aja8888 is offline   Reply With Quote
Old 02-04-2018, 02:16 PM   #8
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
Quote:
Originally Posted by cathy63 View Post
Yes, I believe you should get a 1099R with code G in box 7 and Total Distribution checked. 1099Rs were due to be mailed by 1/31, so you should check your online portal and see if there's an electronic version there. If not, call Vanguard and ask them.
Been through all of this with no successes.
__________________
*********Go Astros!*********
aja8888 is offline   Reply With Quote
Old 02-04-2018, 02:17 PM   #9
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
Quote:
Originally Posted by kaneohe View Post
1) yes, I believe you should get a1099R and that it is reportable (not taxable) https://www.biggerpockets.com/blogs/...01k-to-ira-llc

btw your limit on rollovers refer to TIRA to TIRA or Roth to Roth
(IRA to IRA) https://www.irs.gov/retirement-plans...-per-year-rule
Thanks but the first link talks about a "New" IRA making it an LLC which I don't have (used existing) and second link is about the once per year rule.
__________________
*********Go Astros!*********
aja8888 is offline   Reply With Quote
Old 02-04-2018, 02:19 PM   #10
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
Quote:
Originally Posted by KB View Post
If your IRA is in the Vanguard brokerage system (vs the Mutual fund system), they have not yet generated the 1099s for that system. They are expected by mid February according to the website.
Thanks, that may be the missing link here! where did you see that on the website as I have not seen any references to it?

Thanks.
__________________
*********Go Astros!*********
aja8888 is offline   Reply With Quote
Old 02-04-2018, 02:34 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
Have you checked in the tax center when you log in online for each account? Any 1099s that have been issued should be there as well.... but it might be that it just hasn't been issued yet.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 02-04-2018, 02:38 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 3,674
Quote:
Originally Posted by aja8888 View Post
Been through all of this with no successes.
If you can't get an answer from Vanguard, then you need to file form 4852 with your tax return.
cathy63 is online now   Reply With Quote
Old 02-04-2018, 02:42 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 3,674
Quote:
Originally Posted by KB View Post
If your IRA is in the Vanguard brokerage system (vs the Mutual fund system), they have not yet generated the 1099s for that system. They are expected by mid February according to the website.
I'm pretty sure that 1099-Rs were due on January 31. Are you maybe thinking of 1099-Bs that don't come out until mid-Feb?
cathy63 is online now   Reply With Quote
Old 02-04-2018, 02:48 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Mar 2013
Location: Coronado
Posts: 3,674
Quote:
Originally Posted by pb4uski View Post
Have you checked in the tax center when you log in online for each account? Any 1099s that have been issued should be there as well.... but it might be that it just hasn't been issued yet.
The 1099R should be associated with the 401K account it was rolled from, not the IRA it was rolled to. I wonder if that account is no longer visible online because it was closed when it was emptied? I don't have Vanguard, so I don't know how their portal works with regard to tax docs for closed accounts.
cathy63 is online now   Reply With Quote
Old 02-04-2018, 02:55 PM   #15
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
Quote:
Originally Posted by pb4uski View Post
Have you checked in the tax center when you log in online for each account? Any 1099s that have been issued should be there as well.... but it might be that it just hasn't been issued yet.
Yes, and I hope as one poster said above, that the 1099 is late in coming for the brokerage accounts.
__________________
*********Go Astros!*********
aja8888 is offline   Reply With Quote
Old 02-04-2018, 02:56 PM   #16
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
Quote:
Originally Posted by cathy63 View Post
The 1099R should be associated with the 401K account it was rolled from, not the IRA it was rolled to. I wonder if that account is no longer visible online because it was closed when it was emptied? I don't have Vanguard, so I don't know how their portal works with regard to tax docs for closed accounts.
The account is still visible online and show $0's for the funds that were moved.
__________________
*********Go Astros!*********
aja8888 is offline   Reply With Quote
Old 02-04-2018, 06:01 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: No. California
Posts: 1,858
Quote:
Originally Posted by aja8888 View Post
Thanks, that may be the missing link here! where did you see that on the website as I have not seen any references to it?

Thanks.
https://investor.vanguard.com/taxes/tax-forms/


I have received my 1099-R in my brokerage account, but have not received any 1099 DIV or 1099-B.
KB is online now   Reply With Quote
Old 02-04-2018, 06:51 PM   #18
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,645
Quote:
Originally Posted by KB View Post
https://investor.vanguard.com/taxes/tax-forms/


I have received my 1099-R in my brokerage account, but have not received any 1099 DIV or 1099-B.
Thank you!
__________________
*********Go Astros!*********
aja8888 is offline   Reply With Quote
Old 02-04-2018, 10:30 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 7,866
It might not be helpful, but I am still waiting on my Vanguard 1099-DIV for my brokerage account. The online tax help center at Vanguard said it would be sent out by February 15.

I'd also expect the OP to get a 1099-R.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Wife Consulting on 1099 - Can she pay my daughter on 1099 also? retire2020 FIRE and Money 16 11-20-2015 09:16 PM
Deflation and SS: Possible Issue with FIREcalc? Chris M FIRECalc support 4 05-04-2015 11:30 AM
New Issue and Reopened Issue Bonds CaptainO FIRE and Money 15 08-22-2013 10:16 AM
28/29 yo military members looking for guidance adeline Hi, I am... 3 12-05-2012 08:27 PM
New Here - Looking for Guidance arthurb999 Hi, I am... 11 07-25-2006 07:13 AM

» Quick Links

 
All times are GMT -6. The time now is 04:25 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.