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traditional IRA rollover to 403b

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  • Avatar xenotar80 
    Participant
    Status: Pharmacist
    Posts: 10
    Joined: 07/22/2019

    Hi all,

    So my wife has a fidelity pretax traditional IRA from her previous job and her current job has a pretax 403b also at fidelity. We called fidelity and the 403b plan allows rollovers, so we had fidelity rollover the traditional IRA into the 403b. It looks like they did a distribution by selling all index funds she had and then that money goes directly into the 403b.

    This is in preparation for a backdoor Roth IRA. Had a few questions:

    1. She can do a backdoor roth IRA this year right? since she will have no traditional , SEP, or simple IRA by dec 31 of this year
    2. what forms do i need to look out for in the mail for the rollover?
    3. what IRS forms and sections need to be filled out regarding the rollover of the traditional IRA into the 403b?

    thanks

    #236969 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4442
    Joined: 01/08/2016

    Yes
    1099R

    #236999 Reply
    Avatar xenotar80 
    Participant
    Status: Pharmacist
    Posts: 10
    Joined: 07/22/2019

    Thanks.

    I think i have an answer for my last question, we will need to call fidelity and ask if i’ll be receiving a 1099R or if it was a trustee to trustee transaction. 1099R is reportable on 1040 and trustee to trustee generally is not.

    #237048 Reply
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1907
    Joined: 02/01/2016
    Splash Refinancing Bonus

    Only movements of assets between like accounts can be considered trustee -> trustee transfers. E.g. IRA -> IRA transfers.

    Movements between an IRA and a qualified plan (401k, 403b, etc…) are always a reportable rollover.

    #237066 Reply
    Liked by xenotar80, Peds
    Avatar xenotar80 
    Participant
    Status: Pharmacist
    Posts: 10
    Joined: 07/22/2019

    thanks for the info!

    #237076 Reply

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