@Darkstalker , assuming that the distribution from the 401(k) was in cash, what Schwab did sounds correct. You'll get a Form 1099-B reporting the capital gains on the shares that were sold in the brokerage account. Your 2024 Form 5498 from the IRA should report a late rollover. Your 2023 tax return should show that the distribution from the 401(k) was nontaxable, which will be accomplished by entering the 2023 Form 1099-R as received.
