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Level 4
posted May 16, 2024 10:57:21 AM

I recieved a 5498 for for a trustee to trustee transfer from the receiving firm. the sending firm did not issue a 1099r

i tried to get the receiving firm to fix.  they admitted it was a trustee to trustee transfer but said its too late to fix, now it looks like i made an excess contribution,  can i report to the irs the issue with documents showing where the assets came from before i start getting notices from the irs?

0 3 22618
3 Replies
Level 15
May 16, 2024 11:01:32 AM

You don't enter it under Deductions.  It is not a new contribution.  Did you already file?  You only enter a 1099R if you got one.  

Level 15
May 16, 2024 12:48:26 PM

A 1099-R is not issued for a trustee-to-trustee IRA transfer.

https://apps.irs.gov/app/vita/content/globalmedia/teacher/1099r_exclusion_worksheet_4012.pdf

Level 15
May 16, 2024 4:29:19 PM

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.