@Andre wrote:
Hi! In 2020, if someone took an RMD from their 403B account and returned it in 2020 in time, they get a 1099-R to show the distribution. They are also being told that there is no form 5498 being generated to account for that money being returned, because my understanding is that NO 5498 is generated when putting money back into a 403B.... QUESTION ---> So, what form or schedule does someone use to account for that RMD that was returned into their 403B?
Only IRA's will generate the 5498 form.
You just enter the 1099-R and check the box that the money was "Moved to another (or same) retirement account" (rolled over).. That puts it on the 1040 line 5a with zero taxable amount on 5b and the word ROLLOVER next to it.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
