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My broker gave me more than my RMD, then issued a 5498 to offset the over amount. How do I report this?
Form 5498 was issued for the overpayment and subsequent reversal of my RMD. The 1099R shows the entire RMD plus this overpayment as taxable amount. How do I report this?
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June 6, 2019
11:14 AM
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Retirement tax questions
Form 5498 is informational only. When you go through the 1099-R interview, you will be asked "What did you do with the funds?''
- Select the first option ''You moved the money to another retirement account''.
- Then below that, select the last option ''You did a combination of things with it''.
- Then you can indicate the amount that was returned to the account.
June 6, 2019
11:14 AM