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I have received a 5498 for 2019 for a roll over of an IRA. Do I amend my 2019 tax return? Form 5498 is not listed in the forms directory for Basic Proseries.

moonpetty58
Level 2
 
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sjrcpa
Level 15

How was the distribution reported on the 2019 1040?

Did they get a 2019 1099-R?

Or was it a trustee to trustee transfer?


ex-AllStar
Just-Lisa-Now-
Level 15
Level 15

I think you may be in the wrong place...this forum is for tax professionals using Intuit's professional tax software, it appears you may be looking for DIY help.

Please visit the TurboTax Help site for DIY support, they may be able to help you.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
qbteachmt
Level 15

A 5498 is for money In. That's informational and not part of tax reporting.

Did you get a 2020 5498 for a late rollover of 2019 money? The 1099-R would be issued for the money Out. As long as you reported it properly for what it was for your client, in 2019, the 5498 is confirmation of what they did with it, which you would confirm that is what they told you and what you filed on tax return.

In other words, confirm it really was a rollover, a conversion, or whatever they told you, is backed up by that 5498 for where the money ended up.

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moonpetty58
Level 2

Thank You

 

It was not reported in 2019.  Client did not produce a 1099 for 2019.  This form 5498 was provided with client's 2020 tax data,  The 5498 is for 2019 and shows funds as rollover contributions in box 2. 

Question:  Since this is the only data that shows a rollover in 2019, do I amend 2019 tax return? 

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sjrcpa
Level 15

No. Trustee to Trustee transfers do not get reported on 1099s. Since there was no 1099 it sounds like this was a trustee to trustee transfer. Nothing reported on 2019 1040 was correct.

FYI-Every IRA owner gets a 5498. It's required. In addition to money in, it shows the FMV at the end of the year.


ex-AllStar
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qbteachmt
Level 15

This is not a Tax form: "The 5498 is for 2019 and shows funds as rollover contributions in box 2."

But you should confirm this is confirming exactly what the taxpayer told you happened. For instance, if that 5498 is a conversion, that would mean you do need to report the money Out of the original account and it's related computations, if that isn't what already got reported.

A 5498 is informational. Not for tax reporting.

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