dmertz
Level 15

Retirement tax questions

It's never too late for the IRA custodian to fix a tax form that they know to be erroneous such as the Form 5498 in this case.  The Form 5498 has a CORRECTED box for the IRA custodian to mark.  However, if they accepted the deposit as a contribution and disagree with making an error in recording it as a contribution, that would be a different matter.