23 Aug Is a Roth really considered income on PAS-1?

Q. Is a Roth really considered income on the PAS-1 form? If I merely move my Roth IRA from one Roth account into another Roth account at the same brokerage does that need to be added as income on the PAS-1 form, even if no distribution occurs? And if so, why is this true for Roth IRAs but not regular IRAs?
— Confused

A. IRA treatment on the property tax applications has raised a lot of confusion.

For a Roth, the answer is clear.

If you move any IRA from one account to another account it is not deemed to be a distribution, so it is not income and it is not taxable, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown.

“So, to answer your question NO, it does not have to be reported as income on PAS– 1,” Kiely said.

He said he usually tells his clients who want to move an IRA to reach out to the new bank or brokerage company to ask them for a Trustee-to-Trustee transfer.

“This allows the new firm to transfer the IRA to your new account without you even touching the funds thereby keeping the account off your tax return,” he said.

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This story was originally published in August 2026. 

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