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Author Topic: Tax forms from transfer to Alto?

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Tax forms from transfer to Alto?
OP: March 02, 2022, 10:43:32 AM
OK, I transferred everything from Strata to Alto last year.  Are there any tax forms that will come out from that?  I thought there would be something showing a "withdrawl" form Strata and then an accompanying form showing everything was rolled into Alto.  I just logged into my old Strata account and there are no documents available there.

Is anyone still around these forums?  Hopefully someone can advise.
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Re: Tax forms from transfer to Alto?
#1: March 02, 2022, 11:04:12 AM
Found an IRS Interactive Tax Assistant....seems the answer is nothing to report!

Answers to Your Questions About Income
Do I need to report the transfer or rollover of an IRA or retirement plan on my tax return?
You do not need to include your tax-free transfer on your tax return.
Your General Information
What tax year are you asking about? 2021
Your Income
Was the distribution from an inherited retirement account? No
Distributing Account Information
What type of retirement account did the distribution come from?

Roth IRA
Was the transfer made or distribution received from the retirement account on or before December 31, 2021? Yes
A distribution may be made from all of an individual’s eligible retirement plans for the birth or adoption of their child. These distributions are limited to a total of $5,000 for each birth or adoption.

Are you asking about the repayment of a distribution taken within one year of the date on which your child was born or the adoption of your child became final? No
Are you asking about the repayment of a qualified coronavirus-related distribution? No
Was the distribution moved in a direct transfer from one account to the other? Yes
Time Limit and Waiting Period Information
Was the amount rolled over the result of an improper Internal Revenue Service levy? No
Receiving Account Information
What type of retirement account was the distribution moved to? Roth IRA
Disaster Distributions
Repayments of a distribution may be allowed when your main home was in certain Presidentially declared disaster areas or if you received a distribution to purchase or construct a main home that was not purchased or constructed because of the disaster.

Are you asking about the repayment of a disaster distribution? No
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Tax forms from transfer to Alto?
#2: March 02, 2022, 01:12:49 PM
I've never had tax forms to deal with on an IRA transfer in the past.   Seems like this is one thing the IRS has made totally automatic.  :-)
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Tax forms from transfer to Alto?
#3: March 24, 2022, 01:43:09 PM
I've never had tax forms to deal with on an IRA transfer in the past.   Seems like this is one thing the IRS has made totally automatic.  :-)

I do the backdoor Roth IRA and there are some forms that show the withdrawal from the regular IRA and conversion to the Roth (form 5498, I think?).  I thought maybe there would be something similar here and that somehow that transfer would have to be documented.  But, yes, looks like there's nothing that has to be done!
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