Yes, according to the records with the original custodian, they are showing it as a normal distribution rather than a transfer. I found this out when I went in to take an rmd and they were questioning that because it looked as if I had already taken a huge distribution.
Which they then said I would be getting a 1099-R showing the huge gross distribution, all taxable, and a normal distribution code of 7.
Which to my simple mind seemed like a big red flag for the IRS and a major tax bill to me. This being the reason for my question about the timing of the 5498 to the IRS. And how to handle it in Turbotax if the above is how the 1099-R will look.
