Reconciliation of 1099-R and 5498

[AF61]

How do I reconcile Forms 1099-R and 5498?

[MinhT1 · Accepted solution]

Form 1099-R reports distributions from your retirement accounts while form 5498 reports contributions to your retirement accounts.

In general, numbers in both forms are different as they come from different sources.

One case where you can "reconcile" numbers in the 2 forms is when you roll over an account such as a 401(k) into another account such as an IRA. In this case you will receive a 1099-R from the 401(k) administration for the distribution and a form 5498 form the administrator of the IRA for the contribution and they report the same amount.