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How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

I withdrew in 2020 and repaid in 2021. Have my amended 2020 return ready to file.
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How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

@Opus 17 

 

" The IRS is (theoretically) able to match the 1099-R from the 2020 withdrawal, the 5498 from the 2021 repayment, and your tax returns. "

 

Did you see the end of "Raiders of the Lost Ark"?

Those boxes are all full of 5498 forms.

 

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7 Replies

How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

@davelavelle2000 

 

Check your Form 5498 which will be sent out in May

How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

The plan will issue a form 5498 to you with a copy to the IRS, which reports contributions and rollovers.  The IRS is (theoretically) able to match the 1099-R from the 2020 withdrawal, the 5498 from the 2021 repayment, and your tax returns. 

How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

@Opus 17 

 

" The IRS is (theoretically) able to match the 1099-R from the 2020 withdrawal, the 5498 from the 2021 repayment, and your tax returns. "

 

Did you see the end of "Raiders of the Lost Ark"?

Those boxes are all full of 5498 forms.

 

How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

Thanks. That's the first I've heard of that form.

How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

Thanks! Return is ll ready, I'll wait for that and file.

How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

@davelavelle2000 

Your plan issues a form 5498 to report contributions and rollovers, but it is not required that you have this form to file.  Most brokers send them in May, because you are allowed to make retroactive contributions to IRAs and if they sent them in January, they would sometimes have to be corrected.  

You are able to file your return without the 5498, using contribution information from your own records.  It is not included or attached to your tax return.  

How will the IRS know I repaid my cares act loan? I have a statement showing a rollover into my account for the full amount. No tax doc showing it was repaid. Is that ok?

LOL. Never heard of those before...

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