Form 5498 for an IRA Rollover

[HJCJ]

I received a 5498 for an IRA that I rolled over. I did not receive a 1099-R for this. Form 5498 has amounts in boxes 2 and 5. Do I have to enter this rollover on my tax return? If so, where do I enter it? I also had a distribution from a different retirement plan that is entered on line 5b, so I can't enter the amount there and put a notation of "rollover".

[MinhT1 · Accepted solution]

Form 5498 is for your information only and is not reported on your tax return. Anything which is required to be reported on your tax return will be sent to you by your broker on a form 1099-R.

Please read this TurboTax article for more information.

[dmertz]

It seems likely that the original IRA custodian initiated a nonreportable trustee-to-trustee transfer paid directly to the receiving IRA and not to you, but the receiving custodian mistakenly recorded this transaction as a rollover instead of as receipt of a transfer which is not reportable on Form 5498.

[Jeni3]

Entering the 1099-R makes my income higher but there is no place to enter the 5498 Rollover.

Is this correct or will I have to enter the info from the 5498 Rollover at another time?

[dmertz]

That fact that you have a Form 5498 with an amount in box 2 but no Form 1099-R reporting a distribution means that the original IRA custodian believed that they were doing a nonreportable trustee-to-trustee transfer but the receiving custodian believed, probably mistakenly, that they were receiving a rollover.  A actual trustee-to-trustee transfer is not reportable on either Form 1099-R or on Form 5498.  If the funds were never paid to you personally but were instead paid to the new IRA custodian for your benefit, the new IRA custodian was incorrect to record this as a rollover.