Out-to-Lunch
Thinks s/he gets paid by the post
Should I have gotten a 1099-R indicating a rollover from a 457(g) to a tIRA?
Backstory: My wife and I had money in identical 457(g) deferred compensation plans. We had most of our investments in 403(b) plans, but each had ~$215k in the 457 accounts upon early retirement last year. We had access to all of these accounts upon retirement.
My wife and I took slightly different paths. I took a taxable "test distribution" of $500 from the 457(g) and the 403(b), just to make sure the early-retirement spigot worked. My DW did NOT make a test withdrawal, because by then we had certainty that we could access the larger 403(b) accounts. We each then rolled over the balance of our 457 to a tIRA (fully aware that we would no longer have access to these funds until 59.5).
This may or my not be relevant to my question below: My rollover was done by sending me a check (payable to Vanguard, FBO me), which I deposited into the VG tIRA. When my DW went to do the same, they told her that she had to fill out a different set of paperwork, and they did a direct, custodian-to-custodian transfer to VG. Not sure why the difference.
Now we are in 1099-R times. I got a 1099-R showing only my taxable $500 distribution. My DW got a 1099-R from the same company showing a ~$215k distribution, non-taxable.
I called them to ask why *I* didn’t get a 1099 with the large, nontaxable rollover distribution, and the rep said it was because that wasn’t a taxable event. But, obviously, neither was my DW’s large distribution.
Does anyone know if I need (or should have) the large distribution on my 1099-R?
Thanks!
Backstory: My wife and I had money in identical 457(g) deferred compensation plans. We had most of our investments in 403(b) plans, but each had ~$215k in the 457 accounts upon early retirement last year. We had access to all of these accounts upon retirement.
My wife and I took slightly different paths. I took a taxable "test distribution" of $500 from the 457(g) and the 403(b), just to make sure the early-retirement spigot worked. My DW did NOT make a test withdrawal, because by then we had certainty that we could access the larger 403(b) accounts. We each then rolled over the balance of our 457 to a tIRA (fully aware that we would no longer have access to these funds until 59.5).
This may or my not be relevant to my question below: My rollover was done by sending me a check (payable to Vanguard, FBO me), which I deposited into the VG tIRA. When my DW went to do the same, they told her that she had to fill out a different set of paperwork, and they did a direct, custodian-to-custodian transfer to VG. Not sure why the difference.
Now we are in 1099-R times. I got a 1099-R showing only my taxable $500 distribution. My DW got a 1099-R from the same company showing a ~$215k distribution, non-taxable.
I called them to ask why *I* didn’t get a 1099 with the large, nontaxable rollover distribution, and the rep said it was because that wasn’t a taxable event. But, obviously, neither was my DW’s large distribution.
Does anyone know if I need (or should have) the large distribution on my 1099-R?
Thanks!