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June 21, 2018

Why was Form 5498 Not Issued for my Rollover Contribution?


Why was Form 5498 Not Issued for my Rollover Contribution?

I took a distribution from my IRA last year, but I subsequently rolled over the amount to my IRA within 60-days, which means that the amount is not taxable. However, I did not receive a Form 5498 IRA Contribution Statement for last year, and I am concerned that this absence of the Form may lead the IRS to determine that my distribution is taxable. When I contacted my IRA Custodian, they told me that Form 5498 will be issued for this year, in May of next year. Is that correct?

It depends. While your IRA Custodian is required to issue a Form 5498 for rollover contributions made to your IRA, you will not receive one for last year if your rollover contribution was made this year. This can be the case for distributions that are taken late in the year and rolled over the following year. For example, if a distribution taken in December of 2021 and the amount is rolled over in January of 2022, the 5498 would be issued in May of 2023. If that is the case, provide a copy of your IRA statement, showing the rollover, to your tax preparer. Your tax-preparer should be able to use the information on the statement to prepare your tax return.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.


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