topic For a person using the CD/download version, using the Exp... in Retirement tax questions

I took $s out from IRA in Dec. 2016 and rolled back within 60 days, in January 2017. How do I enter in my 2016 TT Premier Return, as it is not not shown on my 2016 5498?

Kapolei — Sat, 01 Jun 2019 02:44:41 GMT

I did same thing on my 2015 return (out of IRA in Dec.,rolled back part of it in Jan. 2016 and IRS did not allow it.

So, how do I file it 'right' this year?

I always used TT Premier.

This is a common situation. The rollover contribution ma...

dmertz — Sat, 01 Jun 2019 02:44:42 GMT

This is a common situation. The rollover contribution made in 2017 is properly reported on your 2017 Form 5498. The IRS has become more aggressive in attempting to find those who report a rollover that never actually occurred, so in this situation the IRS has begun questioning rollovers before the deadline for the financial institution to report the rollover.

Your only recourse in the situation where the IRS questions your reporting of the rollover is to substantiate that you met the 60-day requirement by providing to the IRS account statements showing the date of distribution from the old account and the date of the rollover contribution to the new account. (Hopefully you already did this with regard to your 2015 tax return.)

To avoid this situation in the future, try to complete the rollover in the same calendar year as one in which the distribution occurs.

Thank you for your answer! I use Turbo Tax and I file onl...

Kapolei — Sat, 01 Jun 2019 02:44:44 GMT

Thank you for your answer! I use Turbo Tax and I file online. Therefore I can't 'mail' the 2017 5498 showing the '60 days rollover' to reconcile with my 2016 initial IRA distribution. Ho do I supply this info. to IRS so they accept my 2016 return as submitted in April 2017?

In Forms mode, click the "Explain" button on Line 15. Des...

fanfare — Sat, 01 Jun 2019 02:44:46 GMT

In Forms mode, click the "Explain" button on Line 15.
Describe what you did. Include dates and amounts. This is usually sufficient.
Save the 5498 or other documents in case IRS sends you a letter.
Never send off an original document, only a photocopy.

For a person using the CD/download version, using the Exp...

dmertz — Sat, 01 Jun 2019 02:44:48 GMT

For a person using the CD/download version, using the Explain button is a good suggestion. It's unfortunate that someone who is using the online version does not have access to this button.

You should contact your financial institution to have the...

AmyT — Sat, 01 Jun 2019 02:44:52 GMT

You should contact your financial institution to have them provide you with a corrected Form 5498.

The IRS will assume that information provided by the financial institution is correct. Therefore, they have an obligation to provide accurate information to the IRS in a timely manner.

I file online and therefore I do not send 5498 to IRS. I...

Kapolei — Sat, 01 Jun 2019 02:44:53 GMT

I file online and therefore I do not send 5498 to IRS. I enter the info on TT. So, IRS did not accept my 5498 entry!

The financial institution provides a copy of the 5498 to...

AmyT — Sat, 01 Jun 2019 02:44:55 GMT

The financial institution provides a copy of the 5498 to the IRS - the IRS uses the information provided directly to them by your financial institution to match what is reported on your income tax return.