SusanY1
Expert Alumni

Retirement tax questions

Form 5498 reports a variety of data points to the IRS about IRA contributions.  Form 1099-R reports the distributions (including distributions that are rolled over, which must be reported).  

The data that is reported on a tax return comes only from 1099-R, the form 5498 is for informational purposes only.  

Ultimately, a rollover should appear on both forms, but your income tax return is only concerned with distributions (in this case), not contributions, so it's the 1099-R that is used for rollovers.  

Many companies have begun paperless distribution of 1099-R and it is possible that your rollover distribution form is in an online portal at your former 401(k). 

It is essential to track down that form in order to report your rollover distribution.  Your 1099-R should have a code of "G" in Box 7 which triggers the rollover treatment on the tax form.  It is also necessary to match the form on IRS records with the payer's tax ID (the 401k), not the receiving company (who would be the one that sent form 5498.)

Please reach out to your 401(k) provider to find out how to get a copy of your 1099-R.  You must have it to properly complete your tax return.

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