Sep IRA -> IRA transfer

canuck_girl999 · Post by **canuck_girl999** » Tue Feb 03, 2015 5:18 pm

I had 2 accounts with TD Ameritrade - one had my LLC Sep-IRA money and the second is my personal, regular IRA.

I wanted to close the Sep-IRA and move the funds into my personal IRA, so advised TD Am. of this in 2014. Now with forms being created, etc. they have not generated a 5498 or 1099-R. The money went directly from the Sep-IRA to the IRA so I never had it (60 day rule).

I see some websites saying that you want to make sure there's a 1099-R created and that box 1 has the amount of the money moved, box 2 shows a $0 taxable value, and box 7 has the code explaining the transfer (presumably there's a code for Sep-IRA -> IRA).

As I didn't see these forms on the account, I called TD Am. and they advised that as it was within the same institution and it's an IRA -> IRA move (even though one is labeled as a Sep-IRA in the title) they do not generate the form. They also advised that they would not be sending any forms to the IRS for this.

All funds from the Sep-IRA were moved and the account was closed last year but I'm concerned this may be a problem for me later for not submitting the form(s). I also asked what if it was a Sep-IRA from somewhere like E*Trade to my personal IRA at TD Am. and they said again, that no forms would be generated and nothing sent out.

Is this correct?

Thank you.

canuck_girl999 · Post by **canuck_girl999** » Sat Feb 07, 2015 5:02 pm

Can no one help me with this or suggest somewhere to find out?

nelsona · Post by **nelsona** » Sat Feb 07, 2015 5:51 pm

Not a concern. TD has handled it correctly.

TD already told you that internal transfer was treated differently.

canuck_girl999 · Post by **canuck_girl999** » Sat Feb 07, 2015 7:38 pm

Thanks Nelsona.