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rreiss92
New Member

I was sent a letter from IRS saying I needed to also send a 5498 with my Rollover, and I thought that was automatically sent with my return. How do I find that here?

 
2 Replies
SweetieJean
Level 15

I was sent a letter from IRS saying I needed to also send a 5498 with my Rollover, and I thought that was automatically sent with my return. How do I find that here?

The IRS wants you to prove that you did the rollover within the required 60 day period, especially if it lapped over from one tax year to the next.

Form 5498 is an informational form only (send by the IRA custodian) and is not entered into the tax return, so send a copy of it to the IR with any other rollover documentation that you have.

dmertz
Level 15

I was sent a letter from IRS saying I needed to also send a 5498 with my Rollover, and I thought that was automatically sent with my return. How do I find that here?

As SweetieJean indicated, it's the responsibility of the financial institution that received the rollover to file the Form 5498 with the IRS and to send you a copy.  The fact that the IRS is asking for the Form 5498 suggests that they did not receive one from the financial institution that holds the IRA account that received the rollover.  This might indicate that either the financial institution does not have your correct SSN or that you did not actually perform a rollover to an IRA.

Note that if the rollover was to a qualified retirement plan account like a 401(k)  rather than to an IRA account, no Form 5498 is involved.  The IRS often questions indirect rollovers to qualified retirement plans because qualified retirement plans do not report receipt of rollovers and the IRS has no way to know that the rollover was actually completed without providing them with supporting documentation such as an account statement from your qualified retirement plan showing receipt of the rollover contribution.
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