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Level 2
posted Apr 13, 2025 10:05:34 AM

Prove Indirect Rollover Was Deposited?

My wife has a prudential annuity and she took a distribution from it this year for the first time. It had to be indirect, they sent her a check. She immediately deposited it to her Fidelity IRA. We're doing our taxes in TurboTax. The Prudential 1099-R shows code 7, normal distribution, as expected. The tax bill immediately jacked at the top of TurboTax! Fidelity hasn't given us a form to "prove" we deposited it. What do we file? They said it's not a 1099-R on their side for this. They said 5498 but that's not a form you usually support with your taxes, per TurboTax. Fidelity's 5498 forms aren't coming out until May 15! How do we fix this? Thanks in advance for any help.

0 1 1499
1 Replies
Expert Alumni
Apr 13, 2025 10:14:58 AM

You just have to answer the question that you rolled over and the amount (since it was an indirect rollover tax was withheld so you would have had to make up the difference or you will be partially taxed.) It will be reported on your tax return.  When the 5498 is filed with the IRS, if the information does not match what you report, they will contact you then.