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Level 1

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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Level 7

My broker gave me more than my RMD, then issued a 5498 to offset the over amount. How do I report this?

Form 5498 is informational only.  When you go through the 1099-R interview, you will be asked "What did you do with the funds?''  

  1. Select the first option ''You moved the money to another retirement account''.  
  2. Then below that, select the last option ''You did a combination of things with it''.   
  3. Then you can indicate the amount that was returned to the account.

Image attached.

1 Reply
Level 7

My broker gave me more than my RMD, then issued a 5498 to offset the over amount. How do I report this?

Form 5498 is informational only.  When you go through the 1099-R interview, you will be asked "What did you do with the funds?''  

  1. Select the first option ''You moved the money to another retirement account''.  
  2. Then below that, select the last option ''You did a combination of things with it''.   
  3. Then you can indicate the amount that was returned to the account.

Image attached.