Received 1099-R showing gross amount of Retirement plan. Received 1099-R showing actual amount received in 2016 from fund. Don't I need form 5498? Form not in my Deluxe

[lpatter454]

I have not entered the gross distribution 1099-R yet. If I do without form5498 to offset it, I could be in for a large tax increase.

[DexterS · Accepted solution]

Form 5498 in not a document that provides any information to be entered on your tax return.

It reports to you ending balance and the activity for the year.

Form 1099-R tells you everything you need to know to report distributions from your retirement accounts.

Many custodians don't send out 5498s until after the April tax return due date since IRA participants can make contributions for the prior year until then.