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- Client received a 5498 IRA Contribution Info. All it shows is box 2-Rollover Contributions, and box 5-FMW. Where would this go? I don't think I've ever tried to enter
Client received a 5498 IRA Contribution Info. All it shows is box 2-Rollover Contributions, and box 5-FMW. Where would this go? I don't think I've ever tried to enter
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chapguy19
Level 4
09-02-2023
06:11 PM
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a 5498 before.
I did receive the 1099-R that shows the "G" rollover distribution.
What do i do with the 5498 in ProSeries. Does it has to be entered given that the 1099-R has the same amount?
Find Forms 5498 in PS, gives me the Taxable IRA Distribution Worksheet, which is uneditable.
Thanks in advance, Christopher
I did receive the 1099-R that shows the "G" rollover distribution.
What do i do with the 5498 in ProSeries. Does it has to be entered given that the 1099-R has the same amount?
Find Forms 5498 in PS, gives me the Taxable IRA Distribution Worksheet, which is uneditable.
Thanks in advance, Christopher
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2 Comments 2
sewcpa
Level 5
09-02-2023
06:37 PM
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A 5498 has the potential to show a bunch of information. For you it is proof that funds were rolled over if IRS does not believe the return that the 1099R is tax free.
The FMV might be used if there was a distribution and there was basis in IRAs. The contribution box might show a deduction. There are spaces for folks that have Req Minimum Distribution issues.
You do not need to enter it anywhere.
qbteachmt
Level 15
09-02-2023
06:49 PM
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A 1099-R is for the money Out. For instance, the issuer might not know anything about the rollover.
The 5498 is for the money In. It's how you (and the IRS) confirm the money was rolled over properly. You would use it for your due diligence that what your taxpayer is telling you really is what happened. An example would be if the Gross out is not the amount rolled (1099-R doesn't = 5498). An indirect rollover would result in some withholding that has to be made up in the (re)deposit, for example.
The FMV would be used for RMD and for conversion that is pro rata if there was basis from pre-tax to post-tax, such as Trad IRA to Roth IRA.
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