There are two essential elements of an indirect rollover: distribution and contribution. The distribution occurs when the funds are initially withdrawn. The contribution occurs when the funds are rolled into the new account.
As the receiving institution, Entrust reports the rollover on IRS Form 5498. The distributing financial organization reports the distribution on IRS Form 1099-R.
You will report the distribution on line 4a of your IRS Form 1040. If you roll over the full amount, you should also write the word “rollover” on line 4b of Form 1040.