IRA rollover
I put in $6,000 into an IRA or ROTH account with bmo bank and after 1 year and made $32.49 in interest and then I took it out in one day after the 1 year and moved it into another ROTH account !! Do I have to pay taxs on that $32.49 interest that I made or no. Thank you for your answer Robert
Terry Says
No, as long as you reinvested the full amount into your new IRA. Be careful they don’t send you a 1099 though, from the original bank. You should have done a direct rollover to a new IRA. If that happens, contact the new trustee and in this case, the trustee receiving the funds needs to file Form 5498, IRA Contributions, and list the amount as a rollover contribution so that it is reported correctly.
For ALL the information you need on this subject, read this:
https://finance.zacks.com/1099-sent-irs-ira-rollover-5607.html
