Is a distribution triggered by writing a check from one IRA account to another IRA account?
I have checks for a traditional IRA account at bank-A. I opened another traditional IRA account at bank-B by sending them a check from bank-A, made out to bank-B for my benefit. The way I understand this, this would be a transfer and not a roll-over and bank-A should not file a 1099-R since this is not a distribution. Further, it looks to me like I can do this same type of transaction as many times as I want since it is a transfer and not a rollover which has a one in 12-month limit.
Does this seem correct? I already did this, but I'm concerned that it could be problematic. thx for any help/suggestions!
update: I contacted both banks. bank-A coded it as a "distribution" and bank-B coded it as a "transfer". bank-A did not withhold any taxes. I think it will end up being an indirect rollover tax-wise.