@love-the-irs wrote:
In 2020 I had an indirect rollover from a trad IRA to a 401K. The IRS wants to see a 5498 showing the contribution into a qualified plan. The 401K firm stated they do not issue 5498's for the rollover into the 401K ; they stated the 1099R will show that it was a rollover to a qualified plan. However, the 1099R, line 7 shows code 1, with the IRA box checked. This is consistent with an indirect rollover. The turbo tax process asks: “Did you rollover all of this $ (box 1) to another retirement account?” I checked the box stating “Yes, I rolled over the entire amount to another trad IRA or retirement account.” If I rolled into an IRA, a 5498 would be generated. However, I moved it to a 401K and a 5498 is not generated. How do I demonstrate to the IRS that I rolled the funds into a qualified account and should not be considered taxable income?
401(k)'s do not generate a 5498, only IRA's do. You can provide your 401(k) quarterly statement that should show the rollover amount.
**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.**
