Tax Law (Questions About Taxes)/direct ira rollover


In 2012 I cashed out an IRA CD from a bank when it matured and did a direct rollover to my IRA at my brokerage account within 60 days.  So there should be no tax consequences.  I get (and so does the IRS) a form from the bank saying there was an IRA distribution - what do I get from the brokerage firm saying there was a rollover - so the IRS will know that I do not owe any taxes on the money?



This is not a direct rollover.  With a direct rollover, the funds to straight from one IRA account to another.  You indicated that you cashed the CD, then invested the funds into another IRA account.

In these situations neither of the IRA trustees has knowledge that the transaction was a rollover, so it is not indicated on the 1099-R that you received.  All you need to do is enter the amount of the distribution on line 15a of your 1040 and enter a zero on line 15b, assuming the entire amount was rolled over.

Hope this helps.

John Stancil, CPA

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John Stancil, CPA


I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at I also offer seminars and consultations to churches and clergy on their tax issues at Also visit my blog, I am listed on Tax Connections at Prepare and file your own taxes at


I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

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